Invesco (IVZ) 10-K 26 Feb 10 2009 FY Annual report Financial data

Document and Company Informatio

Document and Company Information (USD $)
In Billions, except Share data	12 Months Ended Dec. 31, 2009	Jan. 31, 2010	Jun. 30, 2009
Document and Company Information [Abstract]
Entity Registrant Name	Invesco Ltd.
Entity Central Index Key	0000914208
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			7.3
Entity Common Stock, Shares Outstanding		431,677,226

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Current assets:
Cash and cash equivalents	$762	585.2
Cash and cash equivalents of consolidated investment products	28	73
Unsettled fund receivables	383.1	303.7
Accounts receivable	289.3	239.3
Investments	182.4	123.6
Prepaid assets	57.6	55.6
Other current assets	77.9	67.3
Deferred tax asset, net	57.7	86.1
Assets held for policyholders	1,283	840.2
Total current assets	3,121	2,374
Non-current assets:
Investments	157.4	121.3
Investments of consolidated investment products	685	843.8
Prepaid assets	16.2	36.3
Other non-current assets	13	4.9
Deferred sales commissions	23.8	24.5
Deferred tax asset, net	65.8	37.2
Property and equipment, net	220.7	205.3
Intangible assets, net	139.1	142.8
Goodwill	6467.6	5966.8
Total non-current assets	7788.6	7382.9
Total assets	10909.6	9756.9
Current liabilities:
Current maturities of total debt	0	297.2
Unsettled fund payables	367.9	288.3
Income taxes payable	82.8	37.9
Other current liabilities	564.7	639.8
Policyholder payables	1,283	840.2
Total current liabilities	2298.4	2103.4
Non-current liabilities:
Long-term debt	745.7	862
Other non-current liabilities	244.7	195.3
Total non-current liabilities	990.4	1057.3
Total liabilities	3288.8	3160.7
Equity attributable to common shareholders:
Common shares ($0.20 par value; 1,050.0 million authorized; 459.5 million and 426.6 million shares issued as of December 31, 2009, and 2008, respectively)	91.9	85.3
Additional paid-in-capital	5688.4	5352.6
Treasury shares	-892.4	-1128.9
Retained earnings	1631.4	1476.3
Accumulated other comprehensive income/(loss), net of tax	393.6	-95.8
Total equity attributable to common shareholders	6912.9	5689.5
Equity attributable to noncontrolling interests in consolidated entities	707.9	906.7
Total equity	7620.8	6596.2
Total liabilities and equity	10909.6	9756.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (USD $)
Share data in Millions	Dec. 31, 2009	Dec. 31, 2008
Equity attributable to common shareholders:
Common shares, par value	0.2	0.2
Common shares, shares authorized	1,050	1,050
Common shares, shares issued	459.5	426.6

Consolidated Statements of Inco

Consolidated Statements of Income (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating revenues:
Investment management fees	2120.2	2617.8	3080.1
Service and distribution fees	412.6	512.5	593.1
Performance fees	30	75.1	70.3
Other	64.5	102.2	135.4
Total operating revenues	2627.3	3307.6	3878.9
Operating expenses:
Employee compensation	950.8	1055.8	1137.6
Third-party distribution, service and advisory	693.4	875.5	1051.1
Marketing	108.9	148.2	157.6
Property, office and technology	212.3	214.3	242.5
General and administrative	166.8	266	295.8
Transaction and integration	10.8	0	0
Total operating expenses	2,143	2559.8	2884.6
Operating income	484.3	747.8	994.3
Other income/(expense):
Equity in earnings of unconsolidated affiliates	27	46.8	48.1
Interest income	9.8	37.2	48.5
Gains/(losses) of consolidated investment products, net	-106.9	(58)	214.3
Interest expense	-64.5	-76.9	-71.3
Other gains and losses, net	7.8	-39.9	9.9
Income before income taxes, including gains and losses attributable to noncontrolling interests	357.5	657	1243.8
Income tax provision	-148.2	(236)	-357.3
Net income, including gains and losses attributable to noncontrolling interests	209.3	421	886.5
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net	113.2	60.7	-212.9
Net income attributable to common shareholders	322.5	481.7	673.6
Earnings per share:
- basic	0.77	1.24	1.68
- diluted	0.76	1.21	1.64
Dividends declared per share	0.4075	0.52	0.372

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating activities:
Net income, including losses attributable to noncontrolling interests of $106.9 million in 2009 (losses of $58.0 million in 2008; gains of $214.3 million in 2007)	209.3	$421	886.5
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation	77.6	67.6	84.1
Share-based compensation expense	90.8	97.7	105.2
Gains on disposal of property, equipment, software, net	-1.2	(2)	-1.1
Purchase of trading investments	-41.9	(22)	-24.2
Sale of trading investments	13.1	22.3	24.6
Other gains and losses, net	-7.8	39.9	-9.9
(Gains)/losses of consolidated investment products, net	106.9	58	-214.3
Tax benefit from share-based compensation	42.3	54.9	38.2
Excess tax benefits from share-based compensation	-9.4	-16.8	-23.1
Equity in earnings of unconsolidated affiliates	(27)	-46.8	-48.1
Dividends from unconsolidated affiliates	28.3	29.8	1.8
Changes in operating assets and liabilities:
Change in cash and cash equivalents held by consolidated investment products	45	-37.1	-4.8
Decrease/(increase) in receivables	-468.4	1118.8	-79.6
(Decrease)/increase in payables	305.1	-1259.8	180.2
Net cash provided by operating activities	362.7	525.5	915.5
Investing activities:
Purchase of property and equipment	-39.5	-84.1	-36.7
Disposal of property and equipment	6.8	0.2	12.1
Purchase of available-for-sale investments	-50.3	-109.4	-80.3
Proceeds from sale of available-for-sale investments	49.7	84.5	111.8
Purchase of investments by consolidated investment products	-44.1	-112.3	-331.5
Proceeds from sale of investments by consolidated investment products	34.2	188.7	143.6
Returns of capital in investments of consolidated investment products	17.9	99.2	196
Purchase of other investments	-53.8	-27.1	-25.9
Proceeds from sale of other investments	10.9	36.2	17.1
Acquisition earn-out payments	-34.2	-174.3	(56)
Disposal of businesses	0	0	1.6
Net cash used in investing activities	-102.4	-98.4	-48.2
Financing activities:
Issuance of new shares	441.8	0	0
Proceeds from exercises of share options	80	79.8	137.4
Purchases of treasury shares	0	-313.4	(716)
Dividends paid	-168.9	-207.1	(155)
Excess tax benefits from share-based compensation	9.4	16.8	23.1
Capital invested into consolidated investment products	7.2	96.1	211
Capital distributed by consolidated investment products	-52.1	(241)	-318.2
Borrowings of consolidated investment products	0	28.9	112.6
Repayments of consolidated investment products	0	-9.3	-33.1
Net repayments under credit facility	(12)	-114.4	-2.6
Issuance of senior notes	0	0	300
Repayments of senior notes	-397.2	-2.8	(300)
Acquisition of remaining noncontrolling interest in subsidiary	-8.9	0	0
Net cash used in financing activities	-100.7	-666.4	-740.8
Increase/(decrease) in cash and cash equivalents	159.6	-239.3	126.5
Foreign exchange movement on cash and cash equivalents	17.2	-91.3	10.4
Cash and cash equivalents, beginning of year	585.2	915.8	778.9
Cash and cash equivalents, end of year	762	585.2	915.8
Supplemental Cash Flow Information:
Interest paid	-60.4	-71.2	(72)
Interest received	10.5	36.9	48.2
Taxes paid	-88.4	-238.4	-328.2

1_Consolidated Statements of Ca

Consolidated Statements of Cash Flows (Parenthetical) (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating activities:
(Gains)/losses attributable to noncontrolling interests	106.9	$58	-214.3

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders Equity (USD $)
In Millions	Common Share	Ordinary Share	Exchangeable Share	Additional Paid-in-Capital	Treasury Share	Retained Earnings	Accumulated Other Comprehensive (Loss)/ Income	Non-controlling interests in consolidated entities	Total
Beginning Balance at Dec. 31, 2006		83.2	377.4	4966.1	-577.9	700.7	614.5	1504.6	7668.6
Other comprehensive income
Currency translation differences on investments in overseas subsidiaries							351.1		351.1
Change in accumulated OCI related to employee benefit plans							7.7		7.7
Change in net unrealized gains/(losses) on available-for-sale investments							-16.8		-16.8
Tax impacts of changes in accumulated OCI balances							-4.4		-4.4
Change in noncontrolling interests in consolidated entities, net								-596.3	-596.3
Adoption of FIN 48						-17.6			-17.6
Dividends						(155)			(155)
Employee share plans:
Share-based compensation				105.2					105.2
Vested shares				-53.9	53.9
Exercise of options		1.6		135.8					137.4
Tax impact of share-based payment				23.1					23.1
Purchase of shares					-683.7				-683.7
Cancellation of treasury shares		-1.9		-251.4	253.3
Business combinations				6					6
Conversion of exchangeable shares into ordinary shares		2	-377.4	375.4
Cancellation of ordinary shares and issuance of common shares	84.9	-84.9
Ending Balance at Dec. 31, 2007	84.9			5306.3	-954.4	1201.7	952.1	1121.2	7711.8
Other comprehensive income
Currency translation differences on investments in overseas subsidiaries							-1034.2		-1034.2
Change in accumulated OCI related to employee benefit plans							-0.3		-0.3
Change in net unrealized gains/(losses) on available-for-sale investments							-9.3		-9.3
Tax impacts of changes in accumulated OCI balances							-4.1		-4.1
Change in noncontrolling interests in consolidated entities, net								-153.8	-153.8
Dividends						-207.1			-207.1
Employee share plans:
Share-based compensation				97.7					97.7
Vested shares				-55.7	55.7
Exercise of options	0.4			-12.5	87.8				75.7
Tax impact of share-based payment				16.8					16.8
Purchase of shares					(318)				(318)
Ending Balance at Dec. 31, 2008	85.3			5352.6	-1128.9	1476.3	-95.8	906.7	6596.2
Net income, including gains and losses attributable to noncontrolling interests								-113.2	209.3
Other comprehensive income
Currency translation differences on investments in overseas subsidiaries							488.3		488.3
Change in accumulated OCI related to employee benefit plans							-15.1		-15.1
Change in net unrealized gains/(losses) on available-for-sale investments							14.6		14.6
Adoption of ASC Topic 320-10-65							-1.5		-1.5
Tax impacts of changes in accumulated OCI balances							3.1		3.1
Adoption of ASC Topic 320-10-65						1.5			1.5
Change in noncontrolling interests in consolidated entities, net								-84.2	-84.2
Issuance of new shares	6.6			435.2					441.8
Dividends						-168.9			-168.9
Employee share plans:
Share-based compensation				90.8					90.8
Vested shares				-127.6	127.6
Exercise of options				-51.5	131.8				80.3
Tax impact of share-based payment				9.4					9.4
Modification of share-based payment awards				(13)					(13)
Purchase of shares					-22.9				-22.9
Acquisition of remaining noncontrolling interest in subsidiary				-7.5				-1.4	-8.9
Ending Balance at Dec. 31, 2009	91.9			5688.4	-892.4	1631.4	393.6	707.9	7620.8

Accounting Policies

Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Accounting Policies [Abstract]
ACCOUNTING POLICIES	1. ACCOUNTING POLICIES Corporate Information Invesco Ltd. (Parent) and all of its consolidated entities (collectively, the company or Invesco) provide retail, institutional and high-net-worth clients with an array of global investment management capabilities. The company operates globally and its sole business is asset management. On December4, 2007, the predecessor to Invesco Ltd., INVESCO PLC, became a wholly-owned subsidiary of Invesco Ltd. and the shareholders of INVESCO PLC received common shares of Invesco Ltd. in exchange for their ordinary shares of INVESCO PLC. This transaction was accounted for in a manner similar to a pooling of interests. Additionally, the companys primary share listing moved from the London Stock Exchange to the New York Stock Exchange, a share capital consolidation was immediately implemented (a reverse stock split) on a one-for-two basis, and the companys regulated business in the European Union was transferred from INVESCO PLC to Invesco Ltd. All prior period share and earnings per share amounts have been adjusted to reflect the reverse stock split. Basis of Accounting and Consolidation The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Parent, all of its controlled subsidiaries, any variable interest entities (VIEs) required to be consolidated, and any non-VIE general partnership investments where the company is deemed to have control. Control is deemed to be present when the Parent holds a majority voting interest or otherwise has the power to govern the financial and operating policies of the subsidiary so as to obtain the benefits from its activities. VIEs, or entities in which the risks and rewards of ownership are not directly linked to voting interests, for which the company is the primary beneficiary (having the majority of rewards/risks of ownership) are consolidated. Certain of the companys managed products are structured as partnerships in which the company is the general partner receiving a management and/or performance fee. If the company is deemed to have a variable interest in these entities and is determined to be the primary beneficiary, these entities are consolidated into the companys financial statements. If the company is not determined to be the primary beneficiary, the equity method of accounting is used to account for the companys investment in these entities. Non-VIE general partnership investments are deemed to be controlled by the company and would be consolidated under a voting interest entity (VOE)model, unless the limited partners have the substantive ability to remove the general partner without cause based upon a simple majority vote or can otherwise dissolve the partnership, or unless the limited partners have substantive participating rights over decision-making. Investment products that are consolidated are referred to as consolidated investment products in the accompanying Consolidated Financial Statements. All significant intercompany accounts and transactions have been eliminated. A significant portion of consolidated investment products are private equity funds. Pri

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value of Assets and Liabilities [Abstract]
FAIR VALUE OF ASSETS AND LIABILITIES	2. FAIR VALUE OF ASSETS AND LIABILITIES The carrying value and fair value of financial instruments is presented in the below summary table: December 31, 2009 December 31, 2008 Footnote Carrying Carrying $ in millions Reference Value Fair Value Value Fair Value Cash and cash equivalents 2 762.0 762.0 585.2 585.2 Available for sale investments 2,3 115.2 115.2 103.9 103.9 Assets held for policyholders 4 1,283.0 1,283.0 840.2 840.2 Trading investments 2,3 84.6 84.6 36.2 36.2 Support agreements 16,20 (2.5 ) (2.5 ) (5.5 ) (5.5 ) Policyholder payables 4 (1,283.0 ) (1,283.0 ) (840.2 ) (840.2 ) Current maturities of total debt 9 (297.2 ) (277.3 ) Long-term debt 9 (745.7 ) (765.5 ) (862.0 ) (711.2 ) 213.6 193.8 (439.4 ) (268.7 ) A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. An asset or liabilitys categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three types of valuation approaches: a market approach, which uses observable prices and other relevant information that is generated by market transactions involving identical or comparable assets or liabilities; an income approach, which uses valuation techniques to convert future amounts to a single, discounted present value amount; and a cost approach, which is based on the amount that currently would be required to replace the service capacity of an asset. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Cash equivalents Cash equivalents include cash investments in money market funds and time deposits. Cash and cash equivalents invested in affiliated money market funds totaled $465.1million at December31, 2009 (December31, 2008: $209.4million). Cash investments in money market funds are valued under the market approach through the use of quoted market prices in an active market, which is the net asset val

Investments

Investments
	12 Months Ended Dec. 31, 2009 USD / shares
Investments [Abstract]
INVESTMENTS	3. INVESTMENTS Current Investments $ in millions 2009 2008 Available-for-sale investments: Seed money 74.8 69.1 Foreign time deposits 22.5 17.3 Trading investments: Investments related to deferred compensation plans 84.6 35.5 Other 0.7 Other 0.5 1.0 Total current investments 182.4 123.6 Non-current Investments $ in millions 2009 2008 Available-for-sale investments: Collateralized loan obligations (CLOs) 17.9 17.5 Other 8.5 Equity method investments 134.7 95.3 Other 4.8 Total non-current investments 157.4 121.3 The portion of trading gains and losses for the year ended December31, 2009, that relates to trading securities still held at December31, 2009, was $18.6million (December31, 2008: $18.7 million). Realized gains and losses recognized in the income statement during the year from investments classified as available-for-sale are as follows: 2009 2008 2007 Proceeds Gross Gross Proceeds Gross Gross Proceeds Gross Gross from Realized Realized from Realized Realized from Realized Realized $ in millions Sales Gains Losses Sales Gains Losses Sales Gains Losses Current available-for-sale investments 47.5 4.5 (1.6 ) 73.9 1.6 (1.7 ) 102.8 20.6 Non-current available-for-sale investments 2.2 1.4 10.6 7.4 9.0 2.6 (5.4 ) Upon the sale of available-for-sale securities, net realized gains of $4.3million, $7.3million and $17.8million were transferred from accumulated other comprehensive income into the Consolidated Statements of Income during 2009, 2008, and 2007, respectively. The specific identification method is used to determine the realized gain or loss on securities sold or otherwise disposed. Gross unrealized holding gains and losses recognized in other accumulated comprehensive income from available-for-sale investments are presented in the table below: 2009 2008 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Fair Holding Holding Fair $ in millions Cost Gains Losses Value Cost Gains Losses Value Current: Seed money 74.7 5.9 (5.8 ) 74.8 78.9 3.7 (13.5 ) 69.1 Foreign time deposits 22.5 22.5 17.3 17.3 Other 1.0 1.0 Current available-for-sale investments 97.2 5.9 (5.8 ) 97.3 97.2 3.7 (13.5 ) 87.4 Non-current:

Assets Held for Policyholders a

Assets Held for Policyholders and Policyholder Payables
	12 Months Ended Dec. 31, 2009 USD / shares
Assets Held for Policyholders and Policyholder Payables [Abstract]
ASSETS HELD FOR POLICYHOLDERS AND POLICYHOLDER PAYABLES DISCLOSURE	4. ASSETS HELD FOR POLICYHOLDERS AND POLICYHOLDER PAYABLES One of the companys subsidiaries, Invesco Perpetual Life Limited, is an insurance company which was established to facilitate retirement savings plans in the U.K. The entity holds assets on its balance sheet that are legally segregated and are generally not subject to claims that arise from any other Invesco business and which are managed for its clients with an offsetting liability. Both the asset and the liability are reported at fair value. At December31, 2009, the assets held for policyholders and the linked policyholder payables were $1,283.0million (2008: $840.2million). Changes in the fair values of these assets and liabilities are recorded in the income statement, where they offset, because the value of the policyholder payables is linked to the value of the assets held for policyholders.

Property and Equipment

Property and Equipment
	12 Months Ended Dec. 31, 2009 USD / shares
Property and Equipment [Abstract]
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT Changes in property and equipment balances are as follows: Technology and Other Leasehold $ in millions Equipment Software Land and Buildings* Improvements Total Cost: January1, 2009 281.8 191.9 65.0 132.6 671.3 Foreign exchange 7.9 4.9 6.6 5.0 24.4 Additions 15.1 30.8 0.9 6.2 53.0 Transfers (7.8 ) 6.8 1.0 Disposals (7.0 ) (0.2 ) (2.4 ) (9.6 ) December31, 2009 290.0 234.2 72.5 142.4 739.1 Accumulated depreciation: January1, 2009 (233.2 ) (146.3 ) (5.9 ) (80.6 ) (466.0 ) Foreign exchange (7.7 ) (4.0 ) (0.7 ) (4.3 ) (16.7 ) Depreciation expense (11.6 ) (15.0 ) (0.9 ) (17.5 ) (45.0 ) Disposals 7.0 2.3 9.3 December31, 2009 (245.5 ) (165.3 ) (7.5 ) (100.1 ) (518.4 ) Net book value: December31, 2009 44.5 68.9 65.0 42.3 220.7 Cost: January1, 2008 340.5 237.9 84.1 124.9 787.4 Foreign exchange (13.4 ) (14.8 ) (20.4 ) (7.8 ) (56.4 ) Additions 28.5 25.9 1.3 28.6 84.3 Disposals (73.8 ) (57.1 ) (13.1 ) (144.0 ) December31, 2008 281.8 191.9 65.0 132.6 671.3 Accumulated depreciation: January1, 2008 (307.2 ) (203.3 ) (6.7 ) (90.2 ) (607.4 ) Foreign exchange 11.6 12.7 2.0 6.5 32.8 Depreciation expense (9.2 ) (12.8 ) (1.2 ) (9.4 ) (32.6 ) Disposals 71.6 57.1 12.5 141.2 December31, 2008 (233.2 ) (146.3 ) (5.9 ) (80.6 ) (466.0 ) Net book value: December31, 2008 48.6 45.6 59.1 52.0 205.3 * Included within land and buildings are $33.7million at December31, 2009 (2008: $30.6million), in non-depreciable land assets.

Intangible Assets

Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Intangible Assets [Abstract]
INTANGIBLE ASSETS	6. INTANGIBLE ASSETS Intangible assets are predominantly investment management contracts acquired through acquisitions. Amortization of investment management contracts is included within general and administrative expenses in the Consolidated Statements of Income. The weighted average amortization period of intangible assets is nine years. The company performed its annual impairment review of indefinite-lived intangible assets as of October1, 2009. As a result of that analysis, the company determined that no impairment existed. $ in millions 2009 2008 Cost: January 1 207.8 205.9 Foreign exchange 0.2 (0.1 ) Business acquisitions 2.0 Other additions 8.8 December31 216.8 207.8 Accumulated amortization: January 1 (65.0 ) (51.7 ) Foreign exchange (0.1 ) Amortization expense (12.6 ) (13.3 ) December31 (77.7 ) (65.0 ) Net book value: December31 139.1 142.8 Management contracts include $110.5million of amounts primarily related to exchange-traded fund contracts acquired during the 2006 acquisition of PowerShares Capital Management LLC. These management contracts have indefinite lives and therefore are not subject to amortization. Estimated amortization expense for each of the five succeeding fiscal years based upon the companys intangible assets at December31, 2009, is as follows: Years Ended December 31, $ in millions 2010 12.0 2011 8.0 2012 4.3 2013 3.6 2014 0.6

Goodwill

Goodwill
	12 Months Ended Dec. 31, 2009 USD / shares
Goodwill [Abstract]
GOODWILL	7. GOODWILL The table below details changes in the goodwill balance: Gross Book Accumulated Net Book $ in millions Value Impairment Value January1, 2008 6,864.6 (16.6 ) 6,848.0 Business acquisitions earn-outs 43.8 43.8 Other adjustments 1.3 1.3 Foreign exchange (926.3 ) (926.3 ) December31, 2008 5,983.4 (16.6 ) 5,966.8 January1, 2009 5,983.4 (16.6 ) 5,966.8 Business acquisitions earn-outs 34.2 34.2 Other adjustments Foreign exchange 466.6 466.6 December31, 2009 6,484.2 (16.6 ) 6,467.6 The companys annual goodwill impairment review is performed as of October 1 of each year. Separately, if needed, interim impairment tests are performed if there are indicators that an impairment may have occurred. The impairment tests involve a comparison of the fair value of the reporting unit with its carrying value. If a test concludes that the fair value is below the carrying value, a process of separately valuing each class of asset and liability is followed to determine the impairment adjustment. Both the 2009 and 2008 annual reviews determined that no impairment existed at the review dates. Separately, due to deteriorating market conditions, interim impairment tests were performed at October31, 2008, and March31, 2009. These interim tests also concluded that no impairment had occurred. As each test concluded that the fair value was above the carrying value, there was no need to progress to the process of separately valuing each class of asset and liability. Following the March31, 2009 interim test, the general market conditions improved and the company did not identify the need for further interim tests during 2009, as no indicators of impairment existed.

Other Current Liabilities

Other Current Liabilities
	12 Months Ended Dec. 31, 2009 USD / shares
Other Current Liabilities [Abstract]
OTHER CURRENT LIABILITIES	8. OTHER CURRENT LIABILITIES $ in millions 2009 2008 Accruals and other liabilities 115.2 134.0 Compensation and benefits 45.1 59.1 Accrued bonus and deferred compensation 239.2 275.0 Accounts payable 148.1 150.2 Other 17.1 21.5 Other current liabilities 564.7 639.8

Debt

Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Debt [Abstract]
DEBT	9. DEBT December 31, 2009 December 31, 2008 Carrying Carrying $ in millions Value Fair Value Value Fair Value Unsecured Senior Notes*: 4.5% due December15, 2009 297.2 277.3 5.625% due April17, 2012 215.1 227.0 300.0 231.0 5.375% due February27, 2013 333.5 343.4 350.0 299.5 5.375% due December15, 2014 197.1 195.1 200.0 168.7 Floating rate credit facility terminated on June9, 2009 12.0 12.0 Floating rate credit facility expiring June9, 2012 Total debt 745.7 765.5 1,159.2 988.5 Less: current maturities of total debt 297.2 277.3 Long-term debt 745.7 765.5 862.0 711.2 * The companys Senior Note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures. Analysis of Borrowings by Maturity: $ in millions December 31, 2009 2010 2011 2012 215.1 2013 333.5 Thereafter 197.1 Total debt 745.7 On June2, 2009, the company commenced a tender offer for the maximum aggregate principal amount of the outstanding 5.625% senior notes due 2012, the 5.375% senior notes due 2013, and the 5.375% senior notes due 2014 (collectively, the Notes) that it could purchase for $100.0million at a purchase price per $1,000 principal amount determined in accordance with the procedures of a modified Dutch Auction (tender offer). The tender offer expired at midnight on June29, 2009, and on June30, 2009, $104.3million of the Notes had been retired, generating a gross gain of $4.3 million upon the retirement of debt at a discount ($3.3million net of related expenses and the write-off of remaining unamortized debt discount costs), which was recorded in other gains and losses, net, in the Consolidated Statement of Income in the year ended December31, 2009. The fair market value of the companys total debt was determined by market quotes provided by Bloomberg. In the absence of an active market, the company relies upon the average price quoted by brokers for determining the fair market value of the debt. The level of trading, both in number of trades and amount of Notes traded, has increased to a level that the company believes market quotes to be a reasonable representation of the current fair market value of the Notes. On June9, 2009, the company completed a new three-year $500.0million revolving bank credit facility. The new credit facility replaced the $900.0million credit facility that was scheduled to expire on March31, 2010, but was terminated concurrent with the entry into the new credit facility. No early termination fees were incurred, and at the time of the termination, there were no loans outstanding under the prior credit facility. Amounts borrowed under the new credit facility are

Share Capital

Share Capital
	12 Months Ended Dec. 31, 2009 USD / shares
Share Capital [Abstract]
SHARE CAPITAL DISCLOSURE	10. SHARE CAPITAL Movements in shares issued and outstanding are represented in the table below: Common Ordinary Exchangeable Shares Shares Shares In millions Shares issued January1, 2007 831.9 19.8 Exercises of options 15.0 Business combinations 0.6 Conversion of exchangeable shares into ordinary shares 19.8 (19.8 ) Cancellation of ordinary shares held in treasury shares (19.4 ) Cancellation of ordinary shares and issuance of common shares 847.9 (847.9 ) One-for-two share capital consolidation (423.9 ) Shares issued December4, 2007 424.0 Exercise of options 0.7 Shares issued December31, 2007 424.7 Exercise of options 1.9 Shares issued December31, 2008 426.6 Issuance of new shares 32.9 Shares issued December31, 2009 459.5 Less: Treasury shares for which dividend and voting rights do not apply (28.1 ) Shares outstanding December31, 2009 431.4 Common Shares of Invesco Ltd. On December4, 2007, INVESCO PLC became a wholly-owned subsidiary of Invesco Ltd. and the shareholders of INVESCO PLC received common shares of Invesco Ltd. in exchange for their ordinary shares of INVESCO PLC. The primary listing of shares of the company moved from the London Stock Exchange to the New York Stock Exchange. This transaction was accounted for in a manner similar to a pooling of interests. A share capital consolidation, also known as a reverse stock split, on a one-for-two basis was immediately effected. Share amounts and prices have been retroactively restated to reflect the reverse stock split, where appropriate. On May26, 2009, the company issued 32.9million shares in a public offering that produced gross proceeds of $460.5million ($441.8million net of related expenses). Exchangeable Shares The exchangeable shares issued by INVESCO Inc., a subsidiary of the company, were exchangeable into ordinary shares of INVESCO PLC on a one-for-one basis at any time at the request of the holder. They had, as nearly as practicable, the economic equivalence of the ordinary shares of INVESCO PLC, including the same voting and dividend rights as the ordinary shares. Prior to the December4, 2007, share capital reorganization, all of the companys exchangeable shares were redeemed in accordance with their terms, and each holder of INVESCO Inc. exchangeable shares received one INVESCO PLC ordinary share. Prior to their redemption, the exchangeable shares were included as part of shareholders equity in the Consolidated Balance Sheet to present a complete view of the companys capital structure, as they were economically equivalent to ordinary shares. Treasury Shares On A

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)
	12 Months Ended Dec. 31, 2009 USD / shares
Accumulated Other Comprehensive Income/(Loss) [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	11. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The components of accumulated other comprehensive income/(loss) at December31 were as follows: $ in millions 2009 2008 2007 Net unrealized gains/(losses) on available-for-sale investments 5.4 (7.7 ) 1.6 Tax on unrealized gains/(losses) on available-for-sale investments (1.6 ) 0.1 (2.2 ) Cumulative foreign currency translation adjustments 442.0 (46.3 ) 987.9 Tax on cumulative foreign currency translation adjustments 2.0 1.3 6.3 Employee benefit plan liability adjustments (74.5 ) (59.4 ) (59.1 ) Tax on employee benefit plan liability adjustments 20.3 16.2 17.6 Total accumulated other comprehensive income/(loss) 393.6 (95.8 ) 952.1 Total other comprehensive income/(loss) details are presented below. $ in millions 2009 2008 2007 Net income, including gains and losses attributable to noncontrolling interests 209.3 421.0 886.5 Adoption of ASC Topic 320-10-65 (1.5 ) Unrealized holding gains and losses on available-for-sale investments 10.6 (33.3 ) 1.0 Tax on unrealized holding gains and losses on available-for-sale investments (2.8 ) 3.2 0.2 Reclassification adjustments for net gains and losses on available-for-sale investments included in net income 4.0 24.0 (17.8 ) Tax on reclassification adjustments for gains (losses)on available-for-sale investments included in net income 1.1 (0.9 ) 0.2 Foreign currency translation adjustments 488.3 (1,034.2 ) 351.1 Tax on foreign currency translation adjustments 0.7 (5.0 ) (1.7 ) Adjustments to employee benefit plan liability (15.1 ) (0.3 ) 7.7 Tax on adjustments to employee benefit plan liability 4.1 (1.4 ) (3.1 ) Total other comprehensive income/(loss) 698.7 (626.9 ) 1,224.1

Geographic Information

Geographic Information
	12 Months Ended Dec. 31, 2009 USD / shares
Geographic Information [Abstract]
GEOGRAPHIC INFORMATION	12. GEOGRAPHIC INFORMATION The company operates under one business segment, investment management. Geographical information is presented below. There are no revenues or long-lived assets attributed to the companys country of domicile, Bermuda. $ in millions U.S. U.K./Ireland Canada Europe Asia Total 2009 Operating revenues 1,131.6 1,037.9 353.1 42.8 61.9 2,627.3 Inter-company 11.0 (103.7 ) (8.8 ) 43.4 58.1 1,142.6 934.2 344.3 86.2 120.0 2,627.3 Long-lived assets 127.2 75.0 7.7 3.1 7.7 220.7 2008 Operating revenues 1,427.8 1,231.7 516.6 58.9 72.6 3,307.6 Inter-company 24.4 (143.4 ) (16.1 ) 59.5 75.6 1,452.2 1,088.3 500.5 118.4 148.2 3,307.6 Long-lived assets 125.9 61.9 8.1 0.9 8.5 205.3 2007 Operating revenues 1,529.0 1,478.0 697.3 71.2 103.4 3,878.9 Inter-company 38.6 (156.9 ) (22.0 ) 75.0 65.3 1,567.6 1,321.1 675.3 146.2 168.7 3,878.9 Long-lived assets 79.7 81.1 8.4 1.4 9.4 180.0 Operating revenues reflect the geographical regions from which services are provided.

Other Gains and Losses, Net

Other Gains and Losses, Net
	12 Months Ended Dec. 31, 2009 USD / shares
Other Gains and Losses, Net [Abstract]
OTHER GAINS AND LOSSES, NET	13. OTHER GAINS AND LOSSES, NET $ in millions 2009 2008 2007 Other gains: Gain on sale of investments 5.9 10.7 32.2 Gain on sale of business 1.6 Net foreign exchange gains 8.4 Net gain generated upon debt tender offer 3.3 Total other gains 17.6 10.7 33.8 Other losses: Other-than-temporary impairment of available-for-sale investments (8.2 ) (31.2 ) (5.4 ) Losses incurred on fund liquidations (8.2 ) Net foreign exchange losses (13.0 ) (10.3 ) Other realized losses (1.6 ) (6.4 ) Total other losses (9.8 ) (50.6 ) (23.9 ) Other gains and losses, net 7.8 (39.9 ) 9.9

Taxation

Taxation
	12 Months Ended Dec. 31, 2009 USD / shares
Taxation [Abstract]
TAXATION	14. TAXATION The companys (provision)\benefit for income taxes is summarized as follows: $ in millions 2009 2008 2007 Current: Federal (6.7 ) (41.4 ) (107.4 ) State (1.4 ) (6.9 ) (9.0 ) Foreign (130.3 ) (156.0 ) (260.6 ) (138.4 ) (204.3 ) (377.0 ) Deferred: Federal (9.2 ) (31.9 ) 25.1 State (0.6 ) 0.1 2.5 Foreign 0.1 (7.9 ) (9.8 ) (31.7 ) 19.7 Total income tax (provision)/benefit (148.2 ) (236.0 ) (357.3 ) The net deferred tax recognized in our balance sheet at December31 includes the following: $ in millions 2009 2008 Deferred Tax Assets: Deferred compensation arrangements 89.6 104.1 Expenses for vacating leased property 18.8 23.3 Tax loss carryforwards 74.3 52.4 Excess underlying foreign tax credit 102.9 Postretirement medical, pension and other benefits 29.6 29.9 Investment basis differences 23.0 17.5 Other 19.5 16.1 Total Deferred Tax Assets 254.8 346.2 Valuation Allowance (73.2 ) (154.3 ) Deferred Tax Assets, net of valuation allowance 181.6 191.9 Deferred Tax Liabilities: Deferred sales commissions (12.3 ) (12.9 ) Intangible asset amortization (30.7 ) (26.9 ) Undistributed earnings of subsidiaries (2.3 ) (8.9 ) Revaluation reserve (5.2 ) (4.7 ) Other (7.6 ) (15.2 ) Total Deferred Tax Liabilities (58.1 ) (68.6 ) Net Deferred Tax Assets 123.5 123.3 A reconciliation between the statutory rate and the effective tax rate on income from operations for the years ended December31, 2009, 2008 and 2007 is as follows: 2009 2008 2007 Statutory Rate 35.0 % 35.0 % 35.0 % Foreign jurisdiction statutory income tax rates (7.4 )% (4.7 )% (4.6 )% State taxes, net of federal tax effect 1.4 % 0.5 % 0.9 % Additional tax on unremitted earnings 0.2 % (0.2 )% 1.1 % Change in valuation allowance for unrecognized tax losses 4.2 % 2.0 % 0.8 % Non-deductible expenses related to relisting/redomicile 0.4 % Other (1.9 %) 0.3 % 1.0 % Effective tax rate (excluding noncontrolling interests) 31.5 % 32.9 % 34.6 % Gains/(losses) attributable to noncontrolling interests 10.0 % 3.0 % (5.9 )% Effective tax rate per Consolidated Statements of Income 41.5 % 35.9 % 28.7 % The companys subsidiaries operate in several taxing jurisdictions around the world, each with it

Earnings Per Share

Earnings Per Share
	12 Months Ended Dec. 31, 2009 USD / shares
Earnings Per Share [Abstract]
EARNINGS PER SHARE	15. EARNINGS PER SHARE The calculation of earnings per share is as follows: Net Income Attributable to Common Weighted Average Per Share $ in millions, except per share data Shareholders Number of Shares* Amount* 2009 Basic earnings per share $ 322.5 417.2 $ 0.77 Dilutive effect of share-based awards 6.4 Diluted earnings per share $ 322.5 423.6 $ 0.76 2008 Basic earnings per share $ 481.7 388.7 $ 1.24 Dilutive effect of share-based awards 10.4 Diluted earnings per share $ 481.7 399.1 $ 1.21 2007 Basic earnings per share $ 673.6 400.0 $ 1.68 Dilutive effect of share-based awards 11.9 Diluted earnings per share $ 673.6 411.9 $ 1.64 * The basic weighted average number of shares for the years ended December31, 2008 and 2007, was restated upon the adoption of FSP EITF 03-6-1, now encompassed in ASC Topic 260, Earnings Per Share, as discussed in Note 1. The adoption of FSP EITF 03-6-1 resulted in a change to the reported basic earnings per share amount of $0.01 and $0.01 for the years ended December31, 2008 and 2007, respectively. The adoption of FSP EITF 03-6-1 did not impact diluted earnings per share for the years ended December31, 2008 or 2007. See Note 17, Share Based Compensation, for a summary of share awards outstanding under the companys share-based payment programs. These programs could result in the issuance of common shares that would affect the measurement of basic and diluted earnings per share. Options to purchase 9.6million common shares at a weighted average exercise price of 2,030 pence were outstanding during the year ended December31, 2009 (2008: 13.7million share options at a weighted average exercise price of 1,886 pence; 2007: 15.5million share options at a weighted average exercise price of 1,886 pence), but were not included in the computation of diluted earnings per share because the options exercise price was greater than the average market price of the common shares and therefore their inclusion would have been anti-dilutive. There were no time-vested share awards that were excluded from the computation of diluted earnings per share during the year ended December31, 2009, due to their inclusion being anti-dilutive. The company excluded 1.6million contingently issuable shares from the diluted earnings per share computation for the year ended December31, 2009, because the necessary performance conditions for the shares are not expected to be met in future years. There were no time-vested share awards or contingently issuable shares (including performance-vested share awards) that were excluded from the computation of diluted earnings per share during the years ended December31, 2008 and 2007 due to their inclusion being anti-dilutive.

Consolidated Investment Product

Consolidated Investment Products
	12 Months Ended Dec. 31, 2009 USD / shares
Consolidated Investment Products [Abstract]
CONSOLIDATED INVESTMENT PRODUCTS	16. CONSOLIDATED INVESTMENT PRODUCTS The company provides investment management services to, and has transactions with, various private equity, real estate, fund-of-funds, CLOs and other investment entities sponsored by the company for the investment of client assets in the normal course of business. The company serves as the investment manager, making day-to-day investment decisions concerning the assets of the products. Certain of these investments are considered to be variable interest entities (VIEs). If the company is the primary beneficiary of the VIEs, then the investment products are consolidated into the companys financial statements. Other partnership entities are consolidated under a voting interest entity (VOE)model where the company is the general partner and is presumed to have control, in the absence of simple majority kick-out rights to remove the general partner, simple majority liquidation rights to dissolve the partnership, or any substantive participating rights of the other limited partners. For investment products that are structured as partnerships and are determined to be VIEs, including private equity, real estate and fund-of-funds products, the company evaluates the structure of the partnership to determine if it is the primary beneficiary of the investment product. This evaluation includes assessing the rights of the limited partners to transfer their economic interests in the investment product. If the limited partners lack objective rights to transfer their economic interests, they are considered to be de facto agents of the company, resulting in the company determining that it is the primary beneficiary of the investment product. The company generally takes less than a 1% investment in these entities as the general partner. Interests in unconsolidated private equity, real estate and fund-of-funds products are classified as equity method investments in the companys Consolidated Balance Sheets. The companys risk with respect to each investment is limited to its equity ownership and any uncollected management fees. Therefore, gains or losses of consolidated investment products have not had a significant impact on the companys results of operations, liquidity or capital resources. The company has no right to the benefits from, nor does it bear the risks associated with, these investments, beyond the companys minimal direct investments in, and management fees generated from, the investment products. If the company were to liquidate, these investments would not be available to the general creditors of the company, and as a result, the company does not consider investments held by consolidated investment products to be company assets. For CLO entities, as discussed in Note 2, Fair Value of Assets and Liabilities, the company generally takes only a relatively small portion of the unrated, junior subordinated positions. The companys investments in CLOs are generally subordinated to other interests in the entities and entitle the investors to receive the residual cash flows, if any, from the entities. Investors in CLOs have no recourse against the company for any losses sustained in the CLO structure. Th

Share Based Compensation

Share Based Compensation
	12 Months Ended Dec. 31, 2009 USD / shares
Share-Based Compensation [Abstract]
SHARE-BASED COMPENSATION	17. SHARE-BASED COMPENSATION The company recognized total expenses of $90.8million, $97.7million and $105.2million related to equity-settled share-based payment transactions in 2009, 2008 and 2007, respectively. The total income tax benefit recognized in the Consolidated Statements of Income for share-based compensation arrangements was $28.6million for 2009 (2008: $32.1million; 2007: $36.8million). Cash received from exercise of share options and sharesave plan awards granted under share-based compensation arrangements was $80.0million in 2009 (2008: $79.8million; 2007: $137.4million). The total tax benefit realized from share option exercises was $42.3million in 2009 (2008: $54.9million; 2007: $38.2million). Share Awards Share awards are broadly classified into two categories: time-vested and performance-vested. Share awards are measured at fair value at the date of grant and are expensed, based on the companys estimate of shares that will eventually vest, on a straight-line or accelerated basis over the vesting period. Time-vested awards vest ratably over or cliff-vest at the end of a period of continued employee service. Performance-vested awards cliff-vest at the end of or vest ratably over a defined vesting period of continued employee service upon the companys attainment of certain performance criteria, generally the attainment of cumulative earnings per share growth targets at the end of the vesting period reflecting a compound annual growth rate of between 10.0% and 15.0% per annum during a three-year period. Time-vested and performance-vested share awards are granted in the form of restricted share awards (RSAs) or restricted share units (RSUs). Dividends accrue directly to the employee holder of RSAs, and cash payments in lieu of dividends are made to employee holders of certain RSUs. There is therefore no discount to the fair value of these share awards at their grant date. Movements on share awards priced in Pounds Sterling prior to the companys primary share listing moving to the New York Stock Exchange from the London Stock Exchange, which occurred on December4, 2007, in connection with the redomicile of the company from the U.K. to Bermuda, are detailed below: 2009 2008 2007 Weighted Average Time- Performance- Grant Date Fair Time- Performance- Time- Performance- Millions of shares, except fair values Vested Vested Value (pence) Vested Vested Vested Vested Unvested at the beginning of year 10.2 6.0 9.62 15.2 6.2 15.6 4.6 Granted during the year 4.9 1.9 Forfeited during the year (0.3 ) (0.3 ) 10.16 (0.7 ) (0.1 ) (1.4 ) (0.3 ) Modification of share-based payment awards* (1.4 ) 9.37 Vested and distributed during the year (4.5 ) (2.3 ) 7.87 (4.3 ) (0.1 ) (3.9 ) Unvested at the end of the year 5.4 2.0 11.24 10.2 6.0

Operating Leases

Operating Leases
	12 Months Ended Dec. 31, 2009 USD / shares
Operating Leases [Abstract]
OPERATING LEASES	18. OPERATING LEASES The company leases office space in the majority of its locations of business under non-cancelable operating leases. Sponsorship and naming rights commitments relate to Invesco Field at Mile High, a sports stadium in Denver, Colorado. These leases and commitments expire on varying dates through 2021. Certain leases provide for renewal options and contain escalation clauses providing for increased rent based upon maintenance, utility and tax increases. As of December31, 2009, the companys total future commitments by year under non-cancelable operating leases are as follows: Sponsorship and Naming $ in millions Total Buildings Rights Other 2010 61.1 52.9 6.0 2.2 2011 55.0 47.2 6.0 1.8 2012 55.7 47.9 6.0 1.8 2013 54.6 46.9 6.0 1.7 2014 46.1 38.4 6.0 1.7 Thereafter 320.9 281.4 39.5 Gross lease commitments 593.4 514.7 69.5 9.2 Less: future minimum payments expected to be received under non-cancelable subleases 104.7 104.7 Net lease commitments 488.7 410.0 69.5 9.2 The company recognized $51.7million, $49.3million, and $57.7million in operating lease expenses in the Consolidated Statements of Income in 2009, 2008 and 2007, respectively, including lease termination charges of $12.0million in 2009, $5.1million in 2008, however these costs were offset in 2008 by downward adjustments in rent costs for sub-let office properties of $8.2million, and $7.4million in 2007. These expenses are net of $12.8million, $6.3million and $1.6million of sublease income in 2009, 2008 and 2007, respectively.

Retirement Benefit Plans

Retirement Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Retirement Benefit Plans [Abstract]
RETIREMENT BENEFIT PLANS	19. RETIREMENT BENEFIT PLANS Defined Contribution Plans The company operates defined contribution retirement benefit plans for all qualifying employees. The assets of the plans are held separately from those of the company in funds under the control of trustees. When employees leave the plans prior to vesting fully in the contributions, the contributions payable by the company are reduced by the amount of forfeited contributions. The total cost charged to the Consolidated Statements of Income for the year ended December 31, 2009, of $43.6million (2008: $44.3million; 2007: $44.3million) represents contributions paid or payable to these plans by the company at rates specified in the rules of the plans. As of December31, 2009, accrued contributions of $17.1million (2008: $21.0million) for the current year will be paid to the plans when due. Defined Benefit Plans The company maintains legacy defined benefit pension plans for qualifying employees of its subsidiaries in the U.K., Ireland, Germany, Taiwan and the U.S. All defined benefit plans are closed to new participants, and the U.S. plan benefits have been frozen. Further, during the year ended December31, 2009, the company terminated one of its U.S. defined benefit retirement plans. The company also maintains a postretirement medical plan in the U.S., which was closed to new participants in 2005. In 2006, the plan was amended to eliminate benefits for all participants who will not meet retirement eligibility by 2008. The assets of all defined benefit schemes are held in separate trustee-administered funds. Under the plans, the employees are generally entitled to retirement benefits based on final salary at retirement. The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were valued as of December31, 2009. The benefit obligation, related current service cost and prior service cost were measured using the projected unit credit method. Obligations and Funded Status The amounts included in the Consolidated Balance Sheets arising from the companys obligations and plan assets in respect of its defined benefit retirement plans is as follows: Retirement Plans Medical Plan $ in millions 2009 2008 2009 2008 Benefit obligation (330.2 ) (271.2 ) (48.5 ) (46.8 ) Fair value of plan assets 262.9 224.6 7.3 6.3 Funded status (67.3 ) (46.6 ) (41.2 ) (40.5 ) Amounts recognized in the Consolidated Balance Sheets: Non-current assets 0.2 1.1 Current liabilities (0.8 ) (1.0 ) (2.3 ) (2.2 ) Non-current liabilities (66.7 ) (46.7 ) (38.9 ) (38.3 ) Funded status (67.3 ) (46.6 ) (41.2 ) (40.5 ) Changes in the benefit obligations were as follows: Retirement Plans Medical Plan $ in millions 2009 2008 2009 2008 January 1 271.2

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	20. COMMITMENTS AND CONTINGENCIES Commitments and contingencies may arise in the ordinary course of business. The company has transactions with various private equity, real estate and other investment entities sponsored by the company for the investment of client assets in the normal course of business. Many of the companys investment products are structured as limited partnerships. The companys investment may take the form of the general partner or a limited partner, and the entities are structured such that each partner makes capital commitments that are to be drawn down over the life of the partnership as investment opportunities are identified. At December31, 2009, the companys undrawn capital commitments were $77.6million (2008: $36.5million). The volatility and valuation dislocations that occurred from 2007 to 2009 in certain sectors of the fixed income market have generated pricing issues in many areas of the market. As a result of these valuation dislocations, during the fourth quarter of 2007, Invesco elected to enter into contingent support agreements for two of its investment trusts to enable them to sustain a stable pricing structure. These two trusts are unregistered trusts that invest in fixed income securities and are available only to accredited investors. In December2009, the agreements were amended to extend the term through June30, 2010. As of December31, 2009, the committed support under these agreements was $51.0million with an internal approval mechanism to increase the maximum possible support to $66.0million at the option of the company. The recorded fair value of the guarantees related to these agreements at December31, 2009, was estimated to be $2.5million (December31, 2008: $5.5million), which was recorded in other current liabilities on the Consolidated Balance Sheet. No payments have been made under either agreement nor has Invesco realized any losses from the support agreements through the date of this Report. These trusts were not consolidated because the company was not deemed to be the primary beneficiary. A subsidiary of the company has received assessments from the Canada Revenue Agency (CRA)for goods and services tax (GST)related to various taxation periods from April1999 to December2006 in the amount of $20.4million related to GST on sales charges collected from investors upon the redemption of certain mutual funds. The company has objected to the assessments and sought remedial action in the Ontario Superior Court of Justice. In November2009, the company was successful in such remedial action and, as a result, anticipates successfully contesting the assessments. As a result of such actions, the CRA is currently considering its next steps and has not responded to the company in this regard. Management believes that the CRAs claims are unfounded and that this assessment is unlikely to stand, and accordingly no provision has been recorded in the Consolidated Financial Statements. Acquisition Contingencies Contingent consideration related to acquisitions includes the following: Earn-outs relating to the Invesco PowerShares acquisition. A contingent payment of up to $500.0million

Guarantor Condensed Consolidati

Guarantor Condensed Consolidating Financial Statements
	12 Months Ended Dec. 31, 2009 USD / shares
Guarantor Condensed Consolidating Financial Statements [Abstract]
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	21. GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Prior to the December4, 2007, redomicile of the company from the United Kingdom to Bermuda and the relisting of the company from the London Stock Exchange to the New York Stock Exchange, INVESCO PLC (now known as Invesco Holding Company Limited), the Issuer, issued 4.5% $300.0million senior notes due 2009, 5.625% $300.0million senior notes due 2012, 5.375% $350.0million senior notes due 2013 and 5.375% $200.0million senior notes due 2014. These senior notes, are fully and unconditionally guaranteed as to payment of principal, interest and any other amounts due thereon by Invesco Ltd. (the Parent), together with the following wholly owned subsidiaries: Invesco Aim Management Group, Inc., Invesco Aim Advisors, Inc., Invesco North American Holdings, Inc., and Invesco Institutional (N.A.), Inc. (the Guarantors). On June9, 2009, in connection with the new credit facility agreement discussed in Note 9, Debt, IVZ, Inc. also became a guarantor of the senior notes. On December31, 2009, Invesco Aim Advisors, Inc. merged with Invesco Institutional (N.A.), Inc., which was renamed Invesco Advisers, Inc. The companys remaining consolidated subsidiaries do not guarantee this debt. The guarantees of each of the Guarantors are joint and several. Presented below are Condensed Consolidating Balance Sheets as of December31, 2009, and December31, 2008, Condensed Consolidating Statements of Income for the year ended December31, 2009, 2008, and 2007, and Condensed Consolidating Statements of Cash Flows for the year ended December31, 2009, 2008, and 2007. Condensed Consolidating Balance Sheets Non- $ in millions Guarantors Guarantors Issuer Parent Eliminations Consolidated 2009 Assets held for policyholders 1,283.0 1,283.0 Other current assets 211.5 1,591.7 3.1 31.7 1,838.0 Total current assets 211.5 2,874.7 3.1 31.7 3,121.0 Goodwill 2,302.8 3,709.4 455.4 6,467.6 Investments in subsidiaries 714.9 5.7 4,697.7 6,859.3 (12,277.6 ) Other non-current assets 147.5 1,165.2 4.9 3.4 1,321.0 Total assets 3,376.7 7,755.0 5,161.1 6,894.4 (12,277.6 ) 10,909.6 Policyholder payables 1,283.0 1,283.0 Other current liabilities 35.7 972.2 7.1 0.4 1,015.4 Total current liabilities 35.7 2,255.2 7.1 0.4 2,298.4 Intercompany balances 956.8 (1,660.0 ) 722.1 (18.9 ) Non-current liabilities 31.5 213.1 745.8 990.4 Total liabili

Subsequent Events

Subsequent Events
	12 Months Ended Dec. 31, 2009 USD / shares
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	22. SUBSEQUENT EVENTS On January27, 2010, the company declared a fourth quarter 2009 dividend of $0.1025 per share, payable on March10, 2010, to shareholders of record at the close of business on February23, 2010. As of the date of this Report, the committed support under the support agreements discussed in Note 20, Commitments and Contingencies, was $36.0million.