Invesco 3Q profit slips 21 percent as market tanks

ATLANTA - Asset manager Invesco Ltd. said Wednesday its net income fell 21 percent in the third quarter, hurt by the market meltdown.

For the three months ended Sept. 30, the company said it earned $131.8 million, or 33 cents per share, compared with $167 million, or 41 cents per share, in the year-ago period.

Revenue fell 15.3 percent to $827.2 million, from $976.6 million last year.

Analysts polled by Thomson Reuters, on average, expected profit of 34 cents per share on revenue of $839.1 million.

Assets under management at quarter-end fell 19 percent to $409.6 billion from $507.2 billion last year, reflecting market declines and $8 billion pulled out by investors in the tumult of the quarter.

The company recorded a loss of $9.4 million in the value of holdings in collateralized loan obligation structures, the type of toxic debt that behind the recent economic turmoil.

In morning trading, Invesco shares fell 89 cents or 6.3 percent to $12.17. The stock has traded between $10.20 and $32.25 in the past 52 weeks, and is down 55 percent for the year.

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