Flows, Market Gains, and Acquisitions Drive Invesco's AUM Higher; Increased FVE to $40 per Share
We have increased our fair value estimate for narrow-moat-rated Invesco to $40 per share from $37 after somewhat stronger-than-expected results from the firm through the first nine months of 2017, as well as the inclusion of the acquisition of Guggenheim's ETF operations (which had $37.3 billion in assets under management at the end of September and is expected to close by the end of the first quarter of 2018).Invesco closed out the September quarter with a record $917.5 billion in total AUM, u...
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