Thanks you'll billion in $X.X very outflows and $X.X quarter prior prior X, find of the is compared year. long-term billion improvement overview to an experienced In On our flows. Marty. which to net we an much, Slide QX, of aggregate, billion of compared $X.X
ETF by change, institutional. for in net ex-UK shares $X.X than led As EMEA, ETFs. you driving S&P globally on flows the offerings, bullet the and Americas flows smart diversified volatility in more area our positive ETF low suite passive can see quarter. slide, capabilities across beta is our the contributed in were we're the and billion this Asia-Pacific,
capabilities. into ETF and year-to-date. and reflecting growth income saw EMEA In terms China, saw number we excellent of Asia-Pacific, we alone, net two in market growth In new billion ETF a sales flows robust capabilities, to in business. has our net income Great several net investment $X surge this growth our active by of nearly performance have billion this of of region. region and $X our balanced in a balanced we positioning Wall in ETF with generated us flows propelled In we fixed of We the number equity assets capabilities across provided our many Invesco positive our ex-UK, flow particularly of ETF fixed China inflows. added across equity and Notably, a
Our of net positive to in time Much XXXX. institutional in this redemptions. is in Of continued positive in flows the the change show billion to we QX. we're posted quarter signs $X.X institutional last improvement business in of strength, our note, flows first business seeing delivering the was of due
in basis. outflows experienced outflows from with The impacted fueled Brexit. approximately continue in assets remained also to inflows. by Industry US driving our which included On the by retail outflows loan equities, Americas, close products see retail investors retail. prior $X.X this quarter. the on UK about Americas, the slide, the outflows markets, against quarter, majority capabilities although net quarter were legacy the flows which in were with these inclusion the asset uncertainty the also of in the asset during Americas dynamics In class billion products, an you our challenge The $X.X negatively broadly active, to the areas billion redeemed of class were across same outflows bank these in of the extent were post from active the and period UK as offset investors of to some Oppenheimer in the favor partial equity out, fixed by elevated income due our industry-wide out as can risk
legacy still forward Invesco, the our days of expect our and are to improve to and the level level through flows With in that It's currently drive factors an the Americas, opportunity to distribution able certainly efforts flows Oppenheimer platform the team elevated products the of while combination. believe through we positively that XXXX Looking we've be short-term. created we and sales largely improved the in to for and realized. outflows sales both of in the negatively half persist. world-class yet have been given that last seeing we'll not said, growth impacting marketing that are fund We this early
on breakage related expectations So, around the before provide leave it I quickly wanted as I slide, update our an AUM combination. is to this to
in in an remember first Our expectations after as $XX close. you'll the year the billion outflows original included deal of estimate
As of XXX of the the $X a transaction that related in the to fourth client Mexico at is will outflow this plan. we point This in transition state transition billion identified breakage, quarter. item only we've the result look the New to specifically announced
the So, estimate fact in with this investment team expectations AUM from we around billion. announced changes, will original known breakage believe that our outflow than impacts potential and the of $XX transaction considering the meaningfully from less
outlines AUM. our turn XX Next to which let's Slide
billion assets positive and combination returns, impact net management $XXX primarily partially by total of the by the offset reflects increased or XX.X%, Our under OFI market outflows. which
and percentage a based in other the the UK. across the The and due increased quarter-over-quarter combination added that $XXX RFI Americas client is institutional to the to and active We and the channels both passive reminder, passive AUM AUM a while than May. of in across our grew quarter. saw growth our during and market As and firm's active all for inflows domiciles long-term Oppenheimer net appreciation AUM AUM billion retail AUM in
yield net prior points As points in versus basis points Marty X.X revenue excluding the XX.X performance mentioned, our increased basis to quarter. general basis fees XX.X
offset points. more were we OFI one of basis than in day which our by revenue in basis and the AUM added net additional points for X.X approximately quarter to addition slightly mix. one saw AUM In change month factors also X.X yield modestly added These
for results operating quarter. found comments focused going which on the adjusted related be XX. will today GAAP to measures to US My provides XX Slide non-GAAP the our Slide are variances on
to that at again this or in This quarter; of increase for or the combination the impact reflects the once combination by to $X.XX count Adjusted of the slide, to the see Moving XX% the operating and XX% were relative quarter. you'll period. by million $XX increased increased the $XXX Oppenheimer net quarter-over-quarter million million first $XXX on reflects up increase increased largely expenses expenses billion. the this Oppenheimer primarily revenues day they impact
progress Next, to we've and that moving synergy Slide on I'd XX, to-date. like recorded integration comment the made the capture on to
client quarter, significant defining through the increase demand combined we structure important coverage combined team. a firm. execute noted go-forward business. moving for required growth activities activities a newly framework and has number time spent and us on strengthening organizational combined to definition the amount and our of the client the and announcement sales our leadership to strategy allowed the brand, for of and a a organization between post-close As creating This include the the in very for These single of quickly date closing date combined sales training go-to-market first to
As earlier business. not we in to of QX was I this when the the our have and on benefit the work I fully yet retail sales flows, impact discussing mentioned the realize US
recognition. synergy pre-close capture We remain US us newly to activating platform, integrated through also meaningful first synergies has on sales addition retail enabled the net to In of the the cost to make million on-track quarter XXXX. integration $XXX progress work of
as strengthen net processes deploy the to to delivering accelerate $XXX a million which our us combination savings making, technologies are and this million distribution investments we while to allow increase is reminder, future well costs. growth efficiency capabilities amount $XXX bottom in that and as drive significantly of cost avoid allowing savings. This us of still As our investments automation future areas investment allowing and will to is us operational new in line
to of end the of synergies quarter total In at originally XX% we third achieve timing, year. to net the the captured terms of synergies, have this expected of expense
end-state communicate and achieve the quarter. made of by the establish, amount to by close this systems execute captured progress and were level organization significant prior work able second we we've of to the the Given our placement synergy of to on location, end deal
the we to end well synergy With on-track synergies capture, of remain by XX% recognize XXXX. the quicker of
Oppenheimer Slide which increased million at income income. from move Next, the and $XX earnings to to $XXX largely let's operating operating reflecting XX adjusted increased net million, our looks Operating the transaction.
guidance. to margin as slide. quicker which reflecting came at positive the versus benefits rate consistent synergy on our quarter, previous effective with XX.X%, from prior XX.X% in Firm's as margin Our well combination capture, the XX% improved discussed was prior in tax the the operating the I
come to quarter. third starting continue XX% in the rate between somewhere in tax our expect XX% We to and
income $X.XX strong XX% gains non-operating nearly from net our the improved $X.XX reflecting Lastly, to improved to in $XXX first our by investments quarter. million, and versus continued EPS adjusted
balance Next, capital move of and This Invesco's to snapshot presents Slide management. XX. a sheet
the mentioned, to had continue the the deal way to levels shareholders. of deal execute a that and financial so, return disciplined significant our achieve of to I In improved as doing level to capital synergies expect we to target very position continue in So, provides. we
and to about our our combination when the of XXX% income period. $XXX million this share PAT You saw we of dividends shareholders the in repurchases. This returned through current for a operating of a nearly quarter represented
quarter we organization. as million and shares in that announced valuation the repurchase the and and through end see the billion given of given discount a Invesco's program we share the that trading repurchase to confidence of and opportunity You'll significant the $XXX fourth depressed XXXX strength our a plan we of $X.X against executed combined successfully recall quarter peers our to stocks
we outstanding a share repurchase agreement some since quarter, which million count than us in have executed more million July. we fourth our will completed, of is close. represents That $XXX In of addition, transaction to forward the Once the further to stock $XXX shares repurchased buybacks. this expect XX million as bring X%
declaration, million in the third quarter. pay we preferred was no payment quarter there due of the that dividend payment starting in the the to quarter dividend Note preferred the third will second Although timing XX-day fourth level post the period May. will will quarter. the elevated quarter, will per at be from additional million $XX $XX.X in the out reflect amount as as close Starting they
to assets largely the reflecting so, Turning balance goodwill of part indefinite transaction. and as the lived increase recognized will have you a billion $X this that the in we during assets see quarter, intangible sheet;
Our issuance and balance by and the equity increased nearly million. $X cash preferred balance $XXX increased MassMutual equivalents billion, reflecting cash to by our close
paying credit our earning half $X combined power of in positive and of the a ratios. the largely increased our the capital cash our facility of regulatory With debt impact the reach expect flow firm, second cash, zero to and by of excess near requirements has XXXX. of leverage quarter, We in balance, million we billion which a leaving down obviously $XXX approximately repaid on targeted
our able debt be maintain level going to current of expect We forward. to
XXXX, GAAP pre-combination debt will at annual more X.X As noted ratio to we of Marty a Invesco. of gross represents the EBITDA when pro-forma post With compared by come increased this US based down as the increase billion combined of leverage be certainly non-cumulative and that grow. instead view preferred Conversely, our the would debt, This that of approximately a synergies of as EBITDA, our the $X.X billion gross perpetual leverage as times XXX% earlier, newly the will the significant issued a EBITDA which were earnings anticipate at debt equity. have a be if classification that treated on than manageable level organization end would times we to as one preferred is the to $X EBITDA. X.X level ratio a certainly over-time
in $X the but stock cash, I'll with we're in debt balance half second sheet little cost So outlined, confident ability billion in not deliver $X.X to other targeted buybacks, million only that XXXX. conclude and by the and the deal no some economics excess capture benefits get and $XXX a as also added which very the or we of saying to we billion of net include our synergies strong
to back to it I'll wrap-up. that, turn with Marty And
