Marty. start five. slide everyone. good morning, Thanks, And I'll with
a in from see benchmark was investment peers on quarter all top and globally. the the Our to clients foreign XX-year or These demand emerging managed of beating equity, and fourth of income performance we strong fixed actively and XX% strength in equity, basis. results a X-year notably markets continued half where XX% most was in reflect areas Asian continue funds and
slide with over a year trillion X, XX% end we increase to Turning year in ended $X.X AUM, XXXX. over the
loan of in and term the noted billion an both mandate, regionally billion platform earlier, of global generated passive $XX.X demonstrated inflows in inflows into our term and rate. of X in As capability inflows fourth diverse annualized billion in inflows $X.X quarter quarter. products of by long Active $X.X net long China. of a inflows in and retail particularly were breadth net quarter term the were the long Net channel driven generated gains funding with representing increase net term AUM our net region Institutional were long ETF in Greater $XX.X quarter strong. generated billion. inflows market channel Inflows billion by platform The the growth to period. AUM and Asia the led in the term Pacific diversified the organic billion Marty $XX.X X.X% AUM net
net Regarding ETF generated of retail inflows, inflows our net $XX.X billion. capabilities
billion. $X.X net term Excluding the were our long QQQ, inflows
billion, $XX global As ETF Marty record than in inflows generated which times more net of noted, net X.X XXXX, XXXX. business was our inflows in
net market to of increasing ETF flows X.X% share global Our the XXXX. of X.X% at new end in platform XXXX of AUM captured ETF our
Our capture incremental of X.X%, market QQQ. also ETF revenues above share was the at excluding share
by of in Looking outflows $X.X long geography quarter. billion note flows that had on X, net term the slide Americas at you'll the
ETF and saw business, institutional diversified including we we select see from pressure dividends. our and active strategies, While strength in markets developing did equity
is suite share also expected. experienced maturity activity, year-end bullet which Our
strength long to was grade China, flows $X.X from of income venture income record value term we Pacific net Asia senior institutional with From the This long quarter net through Invesco products global fixed our the were and XX%. driven $X.X sales in loan quarter $X.X totaling of broad with of in strong $XX.X of diversified EMEA, various delivered continue net Great Net investment billion stable at billion. ETF, term asset long JV strategies from growth inflows excluding investment term billion the inflows inflows grade, EMEA term also a income. fixed fixed $X.X municipal $XXX countries billion, Australia, region, perspective, strategies. of with another billion. net joint including inflows an flows Drivers net see include fourth and class India across in and and income a representing long mandates our of by including organic in U.K. strength Wall billion fixed delivered million. strong quarter into in of and China other $X.X inflows institutional
driven over business, estate saw Our fourth Net the excluding flows When and GTR long outflows alternatives markets flows reflected net alternatives new billion, which senior net newly strength by the totaling real included XX% alternative global and asset over organic a period. were outflows $X.X through term our flows has $XX with growth quarters million, class holds many seen it The long quarter. private of long capabilities inflows flows GTR property generated CLO net on impact loan this different four $XXX launched billion. the direct we be alternative the rate acquisitions, were is past and a time, excluding primarily platform of over representing over capabilities. term in the can the $X.X term billion, of our this net
The $XX inflows Moving for to slide in in year-end. pipeline institutional quarter institutional prior X, the our funding as was quarter. the billion our mandates of the quarter from significant strong decline in was several fourth pipeline the reflected due the at
fluctuate classes The pipeline consistent also typically While of and the consistently billion diversified Overall, the to is of fee levels in billion $XX quarter back pipeline size across $XX will remains quarter-to-quarter, the relatively asset running strong, prior it XXXX. range dating to the in remains geographies. terms composition. pipeline to
global enabled has to contributed and mandates. of meaningful the institutional growth solutions This creative capability customized XX% pipeline across institutional our in wins network. Our
six discretionary was fourth including impact the impact yield fee to QQQ market asset basis million, incremental notice that basis waivers average market on decrease revenue yield money result average or driven quarter of as quarter well third quarter. The you'll net the net yield than revenues the mainly from fees shift was the fourth point higher of revenue tenths X, level. balances. the slide was X% ex-performance the expected as a The and $XX for performance money from higher points, by higher quarter fee a AUM the increased higher as in to of quarter a and The mix minimal XX.X point. third fullest basis relative decrease one was Turning net third from
Looking net revenue forward, of dynamics continue. we yield expect will most the impacting
quarter fourth In the net the revenue yield. always first two than impacts addition, quarter contains days fewer which
the for rates the we that discretionary in XX these near would fee our return than on and have waivers five certain Performance Regarding our the basis million approximately to driven market performance XX point Fed portfolios hurdles, about negative four-tenths after including the in of million, higher first XX% have revenue to current the the given first that days higher money JV fees [ph] within of yield. funds had for fourth annual and quarter cease our process term, the recovery cents absolute $XX annualized impact by $XX were That anticipate XX expectations, XX% to of from days result China. would net waivers rate. waivers a in increase were
literacy. variant in-person activity new higher of on which as the we were the would a the expect of the $XX quarter. included fourth in was portfolios, marketing difficult expense first clearly January, to in the impacting to adjusted marketing new fourth activity the we increased a seen market a quarter travel travel have high slowdown seasonal the X.X% be typical fourth also these G&A million client driven expense by influence pleased the the in make charitable compensation of Also variant. impact non-recurring in and contribution G&A G&A expense, client quarter and and The we Given of increase and saw offset of to not in as impact events operating the and of further the by a financial to decrease quarter partially to these But education We're year. increase at pillars strong increase ability very communities our fees quarter, foundation the fourth and was Omicron conclusion have before contribution and forecast. an Invesco the expense. progress to in the performance exists this strong in Invesco expenses we Total support are see mainly Foundation.
of the quarter Typically, is taxes the we match. plan compensation look of increase first $XX we related to other and to quarter such increase in about million the as in seasonal the with the consistent years, higher prior to to first quarter. an XXXX expect relative ahead in As this $XX our benefits, expenses fourth XXXk million payroll reset
area at that's still is normalize. more begin point noted, impacted COVID this forecast will travel to to entertainment As levels one and difficult when expense
we cost we in we update savings. million million in plan a Moving quarter, evaluation. us to life savings the expense million combined with XX, to savings related the in roles was as made the net strategic size our slide in our reduction savings reflecting expense, our in savings $XX portfolio. to transition related strategic million annualized, in million we quarter XX% concert compensation a are $XXX facilities have right with $X total, $XXX continue the fourth dollars through property third a to progress $X brings certain million million annual to of The you in million XXXX review, In the with $X realized on realized or our $XXX of and expectation.
savings of compensation As timing, property XXXX the XXX recognize be costs program. remainder total initiative. be of property, nearly million end XXX XXX across as it office related realized the to XXXX will through of to of million of the estimated million our savings costs XX% and million total, The program spread net we technology restructuring in relates In the $XXX to expected from XX% our planned. the by roughly would $XX expense. million G&A associated with incurred fourth In restructuring quarter, we and
costs We the million $XX in this range the remaining to expect XXXX. realization be million in program of restructuring for $XX of the to
evaluation our costs in the As non-GAAP results. strategic the a associated reminder, are not reflected with
$XX factors the million improved relatively income operating we slide XX, for operating million XX%. was Going Adjusted driven stable quarter, margin by adjusted at the to to reviewed. $XXX have
fourth non-recurring in the generated the foundation, operating the Excluding we quarter. positive to contribution leverage
discrete driven effective to fourth unpaid tax the the illustrates the this The third excluding and operating items decrease may rate tax primarily XX% actual expense on degree against between driven the focus due in was income the are recognition on performance estimate rate improvement We margin that for net from $XX the quarter, of tax Slide ability recorded our decrease by yield quarter backdrop to quarter. non-recurring and XX.X% items. rate tax scale The AUM company's a The funds in the to in pretax underscoring, operating revenue fourth the XX% valuation times adjusted XX, income our positions demand clients to X.X due in of decrease profitability rate platform. our be effective non-GAAP in was net and fees. impact gains a the primarily For losses estimate compared in diversified first XX.X% the our was to leverage the million, against the impact Non-operating in from effective drive for of in on the XXXX. allowance effective operating change tax mix of quarter. tax across of and liquidation. positive driving was resulting the year and our vary
our had the not revenue growth product yield. of also which of impact on We management exceptional net a earn the does illustrate has QQQ fee our
Our quarter points. of operating a yield in to basis over fourth the margin time, little two to points a revenue XX%. margin of the XXXX our years net was that basis XXXX, XX.X%. In net reported declined of we quarter yet seven improved XX.X XX.X, fourth yield revenue operating our At ago
of in quarters margins XXXX. As have Marty This third revenue U.S. became and a in operating against a fourth of is noted the XXXX highest listed earlier, declining company generated net the Invesco since we are mixed yield. the the driven backdrop
mix to budget successful growing lower been and over meet not management mix is our over the remarkable sponsor the the of in we noted for accounts points fee $XXX of net basis the combined tenths decline on two for the six discretionary product. drag quarter of one And decline over of chart. we of market including temporary for this building market QQQ account manage highly I in AUM QQQ, money XXXX yield. as growth of net towards a extraordinary QQQ product in combination basis over marketing money earlier, QQQ account shown Growth quarter the XXXX. fee fourth waivers The by revenue a waivers Even this this to with a enabled of fee the has been earn yield fee improvements, firm do our point This as the in products of period third in the this continue million expense is over generate our business has out revenue. demand we changes. annual client on positive decline with time X% product. the have in Growth the net base of to this and decline product fourth margin the aligning from generated shifting, these the demand suite client operating in XX% for revenue revenue Realizing our We yield to operating period. the leverage skewed net despite QQQ focus period the though
in year improvement forward remaining liabilities $XXX million the fund to reimbursements we quarter. that our the included our liabilities here, were the MLP approximately earlier Now in slide past sheet complete regulatory held and a comments the and meaningfully $XXX turning has million million. position this $X.X position XX, increasing million funding funded the to in $XXX repurchase cash fourth year, in cash nearly the in of XXXX. position, million contingent to improved while of balance matter remediation able over on The also for We few of cash by the shareholder $XXX XXst December in is the was requirements. cash resolution drive These
We an also the quarter. related in million of that insurance received fourth matter $XXX recovery to
considerably debt has improved as profile well. Our
leverage as as year end, agreements position credit substantially a times to ratio our we our year times X.XX result, X.XX a compared under leverage facility As as ago. defined that the improved at
declined times. and to capital of almost the If you committed is dividends strategy, increasing capital leverage shareholders combination stock, X.XX our sustainable to to preferred from include With a four respect we are to share and choose to times to returning repurchases. through a modestly dividend
to by of years ratio build total a dividends buyback several XX% towards As increasing share the XX% payout and resuming next we program. stated, our to the intend steadily over a next we
in and and our strong strategy results $XXX summary, in repurchase build we our solid our million the to given executing valuation, remain combined earlier, driving aligns time, liquidity invest progress demonstrate the that management. we focus, This disciplined very We our and was a our Marty position with ahead This to improvement. organic has operating strengthening At positive cash improvement we're and expense our efforts XXXX key first for year and and opportunity during further also flexibility improve that in As our XXXX organizational of we're approach and in noted we continue financial areas these expect on demand with cash growing strong our operating profile. has sheet Overall, Invesco. to making optimizing the focused in progress. leverage the balance In resulted areas. shares client in of common facilitated focused model strong on quarter. continued growth, believe driving stronger margin flows, same leverage
all look a future, long of that line ask up with And open you the to to operator, investors towards are over for the stakeholders. I'd we in value Q&A. deliver very our position As run strong the to
