Oct 31 (Reuters) - Asset manager Invesco Ltd said on Thursday that its third-quarter profit rose 34 percent due to strong net inflows across a range of investments.
The Atlanta-based money manager, which oversees the PowerShares line of exchange-traded funds, said net income increased to $228.1 million, or 51 cents per share, from $170.6 million, or 38 cents per share, a year earlier.
Excluding certain costs from the expected sale of its Atlantic Trust unit, Invesco earned 55 cents per share. Analysts on average had expected 52 cents, according to Thomson Reuters I/B/E/S.
Net inflows of new client money totaled $9.1 billion, including $4.8 billion into actively managed funds.
Analysts focus on flow data because asset managers' revenue and profits are closely tied to market indexes not under their control.
Assets under management grew by $39.9 billion during the quarter to total $745.5 billion at the end of September, a 12.4 percent increase from a year earlier. The company benefited from market gains and foreign exchange rate movements.
Invesco said earlier in October that Neil Woodford, one of the investment industry's most closely watched fund managers, will leave its Invesco Perpetual unit in April to start his own business after 25 years with the firm.
Mark Barnett will replace Woodford as head of British equities and take over management of his funds.