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Rating:Invesco Spends Another $17.2 Million on the Van Kampen Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, April 28, 2010

Invesco Spends Another $17.2 Million on the Van Kampen Deal

News summary by MFWire's editors

Invesco will soon close on its purchase of Morgan Stanley's retail asset management business (including Van Kampen), and Invesco continues to spend money preparing. In its first quarter 2010 earnings report issued today, the Atlanta-based asset manager revealed that it spent another $17.2 million in Q1 on "transaction and integration charges" in anticipation of the deal closing, scheduled for June 1. (Invesco already spent $9.8 million on the deal in Q4 2009, and the overall price of the deal is $1.5 billion in cash and stock.)

Meanwhile, Invesco earned an adjusted $0.27 per share, slightly beating analysts' estimates of $0.26, Reuters reports and almost tripling from $0.11 in Q1 2009. Invesco's assets dipped slightly during the quarter, from $423.1 billion on December 31, 2009 to $419.6 billion on March 31, 2010, thanks largely to $10.6 billion in net money market fund outflows. (Long-term assets netted $3.7 billion in inflows.) 

Edited by: Neil Anderson, Managing Editor


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