# Invesco
**Invesco Ltd.** is a global investment management firm, organized under the laws of Bermuda and headquartered in Atlanta, Georgia, whose common shares trade on the [New York Stock Exchange](https://www.edgepedia.org/new-york-stock-exchange) under the symbol IVZ.[1](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2025-annual-report.pdf) As of December 31, 2025 it managed approximately $2.2 trillion in assets for clients in more than 120 countries, with about 7,500 employees and an on-the-ground presence in more than 20 countries.[1](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2025-annual-report.pdf) • [2](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm)
| Key fact | Detail |
|---|---|
| Total AUM | $2,169.9 billion at December 31, 2025, up from $1,846.0 billion a year earlier[2](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm) • [3](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2024-Annual-Report.pdf) |
| Largest capabilities | ETFs and Index $630.2 billion (+30.0% year over year); QQQ trust $407.2 billion (+27.7%)[2](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm) |
| Active vs passive | At end-2024, active assets were $1,026.5 billion (+4.2%) and passive $819.5 billion (+36.6%)[3](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2024-Annual-Report.pdf) |
| QQQ restructuring | Converted from a unit investment trust ETF to an open-end fund ETF on December 20, 2025[4](https://www.sec.gov/Archives/edgar/data/914208/000091420826000017/ivzpressrelease4q2025.htm) |
| Q4 2025 margins | (86.2)% reported operating margin including a $1.8 billion non-cash intangible impairment; 36.4% adjusted[4](https://www.sec.gov/Archives/edgar/data/914208/000091420826000017/ivzpressrelease4q2025.htm) |
| US ETF rank | Fourth among US-listed ETF issuers with $813.6 billion, behind BlackRock, Vanguard, and State Street[5](https://www.tradingview.com/news/etfcom:4ecd4c081094b:0-etf-league-tables-invesco-gathers-the-most/) |
| Signature deal | OppenheimerFunds acquisition completed May 24, 2019, lifting AUM to $1.2 trillion[6](https://www.prnewswire.com/news-releases/invesco-and-massmutual-complete-strategic-combination-of-invesco-and-oppenheimerfunds-300856770.html) |
## What Invesco is
Invesco's principal executive offices are at 1331 Spring Street NW, Suite 2500, Atlanta, GA 30309, and the company is organized under the laws of Bermuda.[1](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2025-annual-report.pdf) Its business is organized by investment capability rather than a single product type: at December 31, 2025 the largest lines were ETFs and Index at $630.2 billion, Fundamental Fixed Income at $311.5 billion (+11.6%), and Fundamental Equities at $298.4 billion (+7.8%).[2](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm) Smaller capabilities included Global Liquidity at $189.7 billion (down 0.9%), Private Markets at $130.7 billion (+0.8%), China JV at $132.5 billion (+42.2%), and Multi-Asset/Other at $69.7 billion (down 3.5%).[2](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm)
## How the business works: active, passive, and alternatives
The firm's growth has come disproportionately from passive products. At year-end 2024, passive assets were $819.5 billion (up 36.6% during 2024), while active assets were $1,026.5 billion (up 4.2%), and the ETFs and Index capability reached $630.2 billion at December 31, 2025.[3](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2024-Annual-Report.pdf) • [2](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm) On the Q4 2025 earnings call management said the ETF and index capability stood at a record $630 billion excluding QQQ, and that the firm now offers nearly 40 active ETFs across a range of asset classes.[7](https://www.roic.ai/quote/IVZ/transcripts/2025-year/4-quarter)
**China exposure.** The China joint-venture capability reached $132.5 billion at December 31, 2025, up 42.2% year over year, and China JV and India were cited among the drivers of Q3 2025 net long-term inflows.[2](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm) • [8](https://www.prnewswire.com/news-releases/invesco-reports-results-for-the-three-months-ended-september-30-2025-302596044.html) In 2025 the firm completed the sale of intelliflo, its financial-planning software business, and of 60% of its interest in Invesco Asset Management (India) Private Limited, retaining a minority stake in the Indian onshore manager.[4](https://www.sec.gov/Archives/edgar/data/914208/000091420826000017/ivzpressrelease4q2025.htm)
## QQQ and the ETF franchise
The Invesco QQQ Trust is among the firm's largest products, with $407.2 billion of assets at December 31, 2025.[2](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm) QQQ was structured as a unit investment trust ETF prior to its restructuring into an open-end fund ETF on December 20, 2025.[4](https://www.sec.gov/Archives/edgar/data/914208/000091420826000017/ivzpressrelease4q2025.htm) After the conversion, fund shareholders pay a lower fee and Invesco earns revenue on the more than $400 billion of AUM in the fund, revenue it did not previously receive.[7](https://www.roic.ai/quote/IVZ/transcripts/2025-year/4-quarter) The financial effect appears directly in the accounts: Q4 2025 investment management fees rose $44.7 million sequentially, partly from revenue earned from Invesco QQQ Trust following the conversion, and QQQ flows are now counted in long-term flows rather than non-management-fee-earning flows.[4](https://www.sec.gov/Archives/edgar/data/914208/000091420826000017/ivzpressrelease4q2025.htm)
QQQ's scale has grown quickly. Its assets were $318.9 billion at December 31, 2024, up 38.7% year over year, and $407.2 billion at December 31, 2025, up 27.7%.[3](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2024-Annual-Report.pdf) • [2](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm)
## By the numbers
The AUM trajectory over 2025 shows steady growth: $1,846.0 billion at year-end 2024, $2.1 trillion at September 30, 2025 (up 6.2% from the prior quarter, with $28.9 billion of net long-term inflows), and a record $2.2 trillion at year-end 2025, up 17.5% from the prior year-end with over $19 billion of net long-term inflows in the quarter, about 5% annualized organic growth.[3](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2024-Annual-Report.pdf) • [8](https://www.prnewswire.com/news-releases/invesco-reports-results-for-the-three-months-ended-september-30-2025-302596044.html) • [4](https://www.sec.gov/Archives/edgar/data/914208/000091420826000017/ivzpressrelease4q2025.htm)
**Margins diverge sharply between GAAP and adjusted figures.** In Q3 2025 the reported operating margin was 16.5% and the adjusted operating margin 34.2%, up 240 and 300 basis points respectively from the prior quarter.[8](https://www.prnewswire.com/news-releases/invesco-reports-results-for-the-three-months-ended-september-30-2025-302596044.html) In Q4 2025 the reported margin was (86.2)%, driven by a $1.8 billion non-cash intangible asset impairment, while the adjusted margin of 36.4% was not affected by the impairment and improved 220 basis points sequentially and 270 basis points year over year.[4](https://www.sec.gov/Archives/edgar/data/914208/000091420826000017/ivzpressrelease4q2025.htm) • [7](https://www.roic.ai/quote/IVZ/transcripts/2025-year/4-quarter) On the balance sheet, Q3 2025 saw repayment of $260.0 million of bank term loans, a zero balance on the revolving credit agreement, and repurchase of 1.2 million shares for $25 million.[8](https://www.prnewswire.com/news-releases/invesco-reports-results-for-the-three-months-ended-september-30-2025-302596044.html)
## How it compares with its rivals
In US-listed ETFs Invesco ranks fourth by assets. The league table shows [BlackRock](https://www.edgepedia.org/blackrock) at $4,109.5 billion, Vanguard at $4,023.4 billion, State Street at $1,557.6 billion, Invesco at $813.6 billion, Charles Schwab at $520.8 billion, and Fidelity at $151.7 billion.[5](https://www.tradingview.com/news/etfcom:4ecd4c081094b:0-etf-league-tables-invesco-gathers-the-most/) In early 2026 flows, however, Invesco led all issuers with $2,909.44 million of net inflows (0.36% of AUM), while BlackRock posted net outflows of $1,130.61 million and Vanguard net inflows of $414.13 million.[5](https://www.tradingview.com/news/etfcom:4ecd4c081094b:0-etf-league-tables-invesco-gathers-the-most/)
Fee compression is an industry-wide backdrop. Asset-weighted average expense ratios incurred by equity mutual fund investors fell from 1.04% in 1996 to 0.40% by 2025, and in 2025 the asset-weighted average expense ratio for index equity ETFs, the average shareholders actually paid, was 0.14% against a simple average of 0.45%.[9](https://www.ici.org/system/files/2026-03/per32-01.pdf) NBER research estimates that the introduction of ETFs lowered average retail index fund expenses by 39%, with 59% of the effect from increased competition and 41% from ETFs' cost advantage.[10](https://www.nber.org/system/files/working_papers/w31778/w31778.pdf)
## History and how the firm was built
Invesco's current shape comes from a sequence of acquisitions: Van Kampen in 2010, the European ETF issuer Source in 2017, Guggenheim's ETF business in 2018, and OppenheimerFunds in 2019.[11](https://umbrex.com/resources/company-profiles/invesco/) The OppenheimerFunds deal was transformative, adding active capabilities, distribution reach, and AUM. Completed on May 24, 2019, it paid MassMutual approximately 81.9 million Invesco common shares plus about $4 billion in perpetual, non-cumulative preferred shares with a 21-year non-call period and a fixed 5.9% rate, giving MassMutual a stake of roughly 15.7% as Invesco's largest shareholder.[6](https://www.prnewswire.com/news-releases/invesco-and-massmutual-complete-strategic-combination-of-invesco-and-oppenheimerfunds-300856770.html) The transaction brought total AUM to $1.2 trillion, making Invesco the 6th-largest US retail investment manager and the 13th-largest global investment manager, with expected adjusted EPS accretion of roughly $0.24 for the seven months of 2019 and about $0.58 in 2020.[6](https://www.prnewswire.com/news-releases/invesco-and-massmutual-complete-strategic-combination-of-invesco-and-oppenheimerfunds-300856770.html)
## References
1. [Invesco Ltd. 2025 Annual Report](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2025-annual-report.pdf)
2. [Invesco Ltd. Form 10-K for the period ended December 31, 2025](https://www.sec.gov/Archives/edgar/data/914208/000091420826000079/ivz-20251231.htm)
3. [Invesco Ltd. 2024 Annual Report](https://www.invesco.com/content/dam/invesco/corporate/en/pdfs/reports/2024-Annual-Report.pdf)
4. [Invesco Q4 2025 earnings press release (SEC-filed)](https://www.sec.gov/Archives/edgar/data/914208/000091420826000017/ivzpressrelease4q2025.htm)
5. [ETF League Tables: Invesco Gathers the Most, TradingView/ETF.com](https://www.tradingview.com/news/etfcom:4ecd4c081094b:0-etf-league-tables-invesco-gathers-the-most/)
6. [Invesco and MassMutual complete strategic combination of Invesco and OppenheimerFunds, PR Newswire (May 24, 2019)](https://www.prnewswire.com/news-releases/invesco-and-massmutual-complete-strategic-combination-of-invesco-and-oppenheimerfunds-300856770.html)
7. [Invesco Ltd. (IVZ) Q4 FY2025 Earnings Call Transcript, January 27, 2026, roic.ai](https://www.roic.ai/quote/IVZ/transcripts/2025-year/4-quarter)
8. [Invesco Reports Results for the Three Months Ended September 30, 2025, PR Newswire](https://www.prnewswire.com/news-releases/invesco-reports-results-for-the-three-months-ended-september-30-2025-302596044.html)
9. [ICI Perspective, Vol. 32, No. 1 (March 2026): Mutual fund and ETF expense ratios](https://www.ici.org/system/files/2026-03/per32-01.pdf)
10. [NBER Working Paper 31778: Index Funds and the Growth of Passive Investing](https://www.nber.org/system/files/working_papers/w31778/w31778.pdf)
11. [Invesco Strategy and Business Model, Umbrex company profile](https://umbrex.com/resources/company-profiles/invesco/)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Investment banking and asset management › Investment banks and advisory firms*
*Initially written Sep 17, 2026 · Reviewed: Oct 10, 2026 · Edited: Oct 10, 2026; Oct 11, 2026 · Last review: Oct 10, 2026*
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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license