Marty, and you, good morning, Thank everyone.
global Asian performance mutual to and more to investment a most improved funds demand performance markets peer investment equities, also our actively is the areas in data on peers reflected AUM the representative closely investment where fixed and is how continued the where and our rankings performance composite, quarter, whereas with with of clients investment fund data. performance. This continue reviewed X, transition by the I’ll we income, published strengths our more basis, now This equities aligned relied to clients our composites, reflects Lipper X-year and emerging reflect XX-year equities, Moving we U.S. the XX% in our Morningstar in that first of on previously, XX% for note globally. half including consistent see data in from U.S. Slide a top had all respectively. domiciled managed peers
period billion performance disclosures by certain AUM, where of for benchmark by to institutional our of institutional the metrics. approach This Additionally, used AUM relative is peers $XXX it more our we represents for in peer performance not our the addition exist. and we’ve rankings do expanded population data included of the AUM meaningfully of contribution believe each presented through performance about
data, ended each for ending our approach, in quarter $X.X investment is group billion better $XX and illustrate long-term channel, and growth, with the of to context to together Moving just X, in We AUM our long-term flows you’ll approximately by this believe ending our net asset reorganized billion total We the Slide AUM, geography, notice flows a net flow AUM of cut class. of values. Of we and our slides AUM increased will and $XX over AUM. function overall the the category. market trillion for each
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ETFs and other noting that the we equal quarter. inflows had In next-gen of successful ETFs, AUM represented the XXX net in NASDAQ $X following sponsorship QQQ of billion its ETF, on also five worth surpass campaign XXXX. in inflows in the Invesco quarter inception that the first addition reported is for the billion $X net to marketing This our the weight mark $XX ETFs It’s of QQQJ S&P These over billion of our XXX in heels six October championship each. the NCAA the quarter.
long-term geography fixed in the institutional $X.X of $XX had net in billion quarter, you’ll strategies X, by quarter. by the improvement that focused Slide inflows the was an improvement on billion net inflows various and sales inflows, Americans ETFs, from importantly, Looking income fourth efforts. note driven The inflows net of
billion $X.X growth in billion EMEA-based billion fund, across global ETF including ETFs. were were delivered quarter, in Pacific $X.X Screened of with JV. ever of billion consumer Universal of the inflows flows billion. institutional by launched of wide its from of ESG quarters quarter. net net million were multi-asset balances of China of Pacific from in diversified inflows in greater China, UK Net $XX.X including inflows inflows USA $X.X Asia long-term $XXX the the one net across long-term our net these region. quantitative the the Asia and region. were billion in and strongest remaining Notably, ESG and of demand variety The in region. EMEA inflows were the for net equities ETF. outflows into MSCI we $X.X a capability, one into generated particularly our the ETF blockchain was strong equities. and billion from The interest EMEA quarter saw ETFs UK, billion $X.X comprised the in from flows, driven And in by billion net excluding billion our driven our outflows trends of billion $X.X the U.S. inflows equities the newly experienced Invesco EMEA, $X into which several countries saw Japan, UK in other Singapore the long-term including Net from finally, $X.X inflows $X.X $X.X of retail net
weight ETF, the ETF. to $X.X fund net mentioned, inflows global including I’ve Turning capabilities fund, including flows of the markets class, S&P similar trends equity XXX saw our billion asset and equal across long-term developing consumer
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passive Our client institutional Pacific an custom team. meet the is the this with in the at billion over at us with potential fee growth relationship key solutions-based pipeline offer investment year needs advisory to solutions time fee a March passive mandate for assisted This billion to strategic our $XX.X $XX.X The to opportunity opportunities. by a quarter end. expand pipeline XX a higher Asia indexing from of to to includes lower access differentiated large the of grew
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the waivers fourth This our decrease quarter long-term performance fees level. a markets point quarter. fee impacts the the basis day impacted in that higher and decrease AUM average fees by partially XX.X was X.X% that net basis basis The These by points, the of by yield or first point negatively were during notice performance $XX three a offset positive the quarter lower You’ll negatively increased from of prior quarter net inflows count negative quarter of of decrease net fourth yield money and in basis by of eight a revenue first discretionary impact as million offset higher tenths point. $XX quarter. from partially impacted in rising the three revenues market the from excluding tenths million a the tenths was by the was yield driven that yield
a the remain quarter. money revenue, in the driven operating increase seasonal expect result expenses Going to until place The in higher the recover for certain lower discretionary historic compensation taxes spending, the expenses do variable resulting by realized payroll higher forward, levels that expenses have was due foreseeable million and evaluation. other the we increased in and future normalized Total in in impact operations quarter as to remained increase to quarter waivers in strategic to the of savings performance fees levels. the Operating benefits $X at recognized rates our travel we pandemic market by well as reduction activity begin as to in compensation offset business than from first adjusted last related operating and more X.X% fee persisted that quarter.
the our update strategic progress Moving to Slide evaluation. on we’ve you made We with X.
four across looking we’re previously, key noted areas we’ve of As base. our expense
annualized our will Our growth, our Through this we fixed $XXX savings global from net operating of growth of facing will creating to workforce A compensation, improvements efficiency. and management of invest large normalized equities, realigning key includes million key permanent the which to remainder alternatives operations organizational base. facilities, element will solutions, real support come including and and realized savings locations. China, repositioning footprint, and expense. $XX model, million evaluation, related be and the net has in and to ETFs, income, in combined $XX the to areas savings lower non-client million cost technology spend in property of of $XX areas expense our property which while million million estate the The The technology expectation. in savings, G&A third-party $XX in technology of savings XX% generated the in the remaining us of brings cost office savings of million our first $X through in category. $XXX or realized savings or we million In shown office $XX in XXXX savings to million expenses. $XX annualized with related was million quarter cost was compensation and
for savings $XXX occupancy, cost restructuring and this G&A. million we’ve quarter in timing, in to year, save the net roughly rate, of across of estimated we the savings million run million similar. first rate remaining of million realized with by $XX and $XXX $XXX In of quarter million this net $XXX run were costs net approximately the XX% that will degree anticipate, of the going million will million $XX In XX% expense, $XXX The net Of by or year, remainder spend relates would it the the $XX in year costs. be $XXX through end the million XX% the the remaining already savings forward. XXXX of savings end by restructuring nearly the compensation be breakdown program. to by end of expect the the of moderate the we we With to achieved with As savings XXXX. we realize our quarterly associated be the still this the expected spread will tech of per total, recognized this in incurred of million end in
next in with of million $XXX the realization of We of this expect amount this to in the two million for costs a of years program half roughly the occurring remaining $XXX the transaction range to be XXXX. one over the remainder
our As a reminder, the results. costs associated with the strategic evaluation are not non-GAAP reflected in
to on trillion on net savings by the Our compensation will quarter change plus expectations associated the inflows from to the taxes expenses relatively strategic benefits, have impact assuming both by offset variable seasonality The tailwinds to with first incremental and lower related flat evaluation. tailwinds XX. quarter, $X.X a expense of and impact revenues payroll market expenses. AUM our These modest markets second March will levels be from related in the to quarter. and and We first driven second operating FX entered first no quarter and be in expenses
in We and the the resumption modest point as impacted is begin in see travel also expect marketing of more marketing third might modest a related quarter. and we still perhaps typically second that The low entertainment levels first annually. rollout more the difficult to forecast spend is in the of vaccines, increase a COVID believe we begin later activity will quarter to to area at One normalize. expense in travel this when point expenses is quarter,
The the to million gain $XX XX. scale earnings, for as yellow XX.X% just from our portfolio of on $XXX equity to XX generated and diversified gains this and estimate the compared improved our increased in the for quarter, the total across income in for be to platform. $XX.X the primarily compared first Slide net and factors discreet the underscoring fourth rate in rate compared Xx market the is may higher compared to non-GAAP tax degree items in on higher as increase effective the our The were our to quarter. positive quarter primarily rate an margin XX% due for marks non-recurring to net $XX.X results of to vary first between importantly, to income. million XX.X% effective was impact and taxing and lower leverage by included on Adjusted quarter. driving jurisdictions Most We offset points we tax by estimate income due XX% quarter. pre-tax improved tax than to net Adjusted quarter on income seed as items. effective was actual operating for focus prior driven fourth basis second higher the quarter the our quarter. quarter non-GAAP operating to to in XX% tax more quarter, from profitability operating the relative effective last million reviewed. Non-operating The Moving income rate our million reflected gains income tax in
Turning Slide to XX.
related was cash the held and this cash approximately sheet cash requirements. for regulatory position increases $XXX in March cycle. needs at in of balance typical impacted the seasonal million our by quarter Our XX to Cash compensation first is balances $X.XXX billion are
$XXX liability repurchase in forward a also share We January. on paid million
our the quarter, excess In cash with the at of zero we was needs our balance leverage profile. our using to leverage, addition Despite improve revolver cash and to financial end to the seek commitment increased consistent the reduce improve to March, flexibility. liquidity in
in was April. repurchases share forward liability remaining the Additionally, million $XXX early of settled
increase related in flexibility our year to credit facility making in we’ve to dividends dating date these with of strategy committed on aligns million awards. first summary, modestly renegotiated to repurchases. term returning We efforts per The also believe the reflects maturity the highlighted combination to growth which and and to remain to billion $X.XX dividend XXXX progress April terms. continued favorable seen to Board and $XX of our the quarter In share a a financial common XX% areas. $X.X employee build of our that share our the Slide with back are capital this our of year executing increasing quarterly extending solid in dividend We on last we’re through such capabilities XX, share. to approved share shareholders and Marty as a vesting focus buybacks key sustainable longer in our We
and for growth. on resources approach executing we finally, our reallocating us And strategic prudent management. to also capital We’re our position to our evaluation remain in
Our position focus combined on with to I’ll our we’ve invest business of work with needs, done a it client grow our over for and up a comprehensive in open capabilities, meet global driving disciplined platform, a the With into very greater efficiency range run questions. franchise and continue puts Invesco in effectiveness to business strong to the the long-term. that, to and a to line build
