you, Marty, slide I start morning, good four. with Thank and will everyone.
five-year and Asian XX-year of strength Income, in the quarter, in Balanced XX% top we and continue beating funds from Fixed Equities, Products Our solid or globally. investment be clients and demand to These continue first to see XX% half a continued on of basis. reflect peers where all areas in with the actively results managed performance benchmark a
the trillion $XX billion Moving to quarter we from AUM, slide ended five, decrease a of December in $X.X XXst. with
$XX.X long-term passive Despite AUM long-term the Active were market generated were of quarter, earlier, the billion, driven channel the first long-term net and capability organic lead long-term funding retail billion net in The FX inflows of inflows $XX.X global representing our first of in rate decrease million of annualized quarter. noted the $X.X regionally declines the platform billion. ETF generated breadth AUM net quarter demonstrated and long-term net channel billion, Marty inflows, generated As with the diversified X% inflows net a in period. inflows of our inflows and billion by $XX.X institutional changes and by $XXX nearly inflows mandates growth. platform in The products. to $XX the in diverse both AUM in
capabilities net retail ETF generated Regarding net our of billion. inflows, $XX.X inflows
class platform our long-term and do, I slide but Excluding geography billion. the were flows the inflows more global a several provide on I slides, on me next touch on take $XX.X ETF will and a six. our let little before net both commentary QQQ, on by asset moment
that had will long-term $X.X inflows of note the You net quarter. billion in Americas the
from including we While institutional see equity we the saw pressure markets and select strength active strategies, business, did diversified our and dividend funds. developing in ETFs
Asia-Pacific to This of billion, the our EMEA, long-term net and net saw by a China. Fixed of grade, net XX%. first organic totaling various XX%. long-term $X.X long-term billion region included Income strength flows quarter Fixed was investment in driven sales inflows joint Fixed and products. and delivered include of see inflows of excluding flows China of into U.K., in institutional Invesco broad net of loan billion. diversified representing inflows billion, across stable global growth venture the asset Income we long-term of strength growth quarter From through $X.X $X.X Net were of Wall, Great strong strategies. also value strategies representing organic in ETFs in net the with continue our senior Fixed perspective, inflows, Income from $X.X inflows an various Drivers ETF class Income JV,
was strong reflected we quarter. this saw alternatives different Net Private in CLOs Credit our business. the loan representing capabilities primarily and driven our This organic two by inflows were Our growth the $X.X holds long-term alternative flows newly net inflows senior asset in class long-term XX% included many capabilities. of launched billion, and into and is first and
both long-term we of can alternative, $X.X over inflows ETF When five net rate net this Strength $XX the is XX% growth over impact through net inflows the a long-term billion seen into nearly organic excluding the billion, of addition, with net over GTR excluding representing when past outflows flows $X commodity generated time, Americas that platform alternative and totaling our saw In global inflows EMEA. of in be outflows. billion. the the quarters, were net GTR
as Invesco it other is classes at provide the The to products, year our our products. of itself, a With moving Senior Suite Marty Innovation ETF We ETFs types professionals we of ago nature range Indexed business of of the team a seven, in over the ETF, grown geographies. earlier, include Index end managed more Index has Now, bullet-share diversified in volatility and pool. $X.X capabilities. slide and families this asset suite, on innovative assets like detailed ETFs of to the the a growing detail billion We and QQQ like value-added over seasoned commodity regions, diversified and Invesco’s ETF, business. in XX to the view strategies, growth a wanted strong years more has Index -- terms the of platform of of of just different distinctive and in experience ETF Loan the other and billion fast created differentiated and $XXX due our to managing always the first-to-market first little quarter. client little one noted capabilities, Examples strategic given low
inflows $XXX ETFs XX months. were of XX% over billion, capabilities which last is were the months, and billion, Net XX fees million, other new into this rate. $XX and flows were rate Global ETFs growth a net inflows a into period over Index prior increase these from XX% a growth the $XX XX% Over
Now turning slide eight. to
the the growth seen net ETF XX% has rate. $X a of past five inflows, Over quarters, trillion over industry
rate period, that of Invesco’s industry. Over same the the XX% has growth exceeded
ETF four exceeded share In of increasing quarters ending our period share basis of XX for last flows points addition, share over market this quarters, Global our of five to the AUM overall market has market X.X%. our
Invesco largest Moving advisor to slide fourth AUM globally. is nine. the ETF
more just much bulk beta. is platform diverse Our than
These a in we innovate rates beta product our beta, continue annual X.X% line, compared areas, strategies to fee On the traditional fees. We such higher bulk beta. fourth on as Income a with smart growth ranked focusing of carry market capabilities share rates. specialized in Fixed basis, fee industry more fee and niche to commodities,
XX% business our ETF AUM goal. is products. Given contrast, strategies help achieve expressed capabilities of XX rate value than investors are the beta both industry investment targeted our add nature the fee of proposition a on after In less ETF basis sought points. products, that of commoditized The anchored almost through carries of ETF
fee average the ETF XX the rate points. of over exclude rate you basis XX fee QQQ, basis XX% being points a our If higher, or has AUM with
Our points of with ETF higher. our quarter over flows XX% fee being net differentiated, XX also the in of or ETF carry basis products first that were rate in inflows a
fee share. focus Looking flows gain our almost shows at client and expected our AUM. well-positioned to share Income around the to Innovation that in on the XX% are leader Slide well as the higher annually double Suite times commodities, of our Fixed innovative or net market and ESG QQQ industry the X scale, in demand as With of products, $XX by share was globe. our ETF positioned thematic XX to and in market as capture these a almost XXXX. XX% size Invesco industry, ending market offerings to trillion nearly being is such we smart is continue beta, global products, to
institutional retail fast in growing with our ETF region Our is of generation of the driven channel, our markets of business is in management new and second capture growing to fastest to factors, lineup including wealth ETF European a excess clients, ability build in a product of the and now share understanding relationships multi-decade ability market number our ETF flows a that and loyalty investors. by
ETF $X.X as of fee October noted. visibility the part Its launch billion fifth platform as recognition first brand and of globally. popularity QQQ in the previously by the and I XXXX elevates of laid spurred QQQ generating our products of the largest for We the the has the products QQQ that quarter, to the suite the been of it groundwork Suite. has become rest launched the growing end highly global The Invesco’s in Finally, global adjacent in growth Innovation ETF have ETF market. successful,
the quarter $XX at Pipeline Now, pipeline, quarter moving the institutional end, and XX, remains billion slide has to with prior strong $XX our billion running to been with in consistent levels remains billion level. the geographies. back $XX composition. prior XXXX. range pipeline classes of consistent and quarter Overall, to fee late Pipeline is diversified dating in asset to also terms relatively across
wins has global of and contributed enabled and meaningful customized Our across growth This created institutional solutions to institutional network. our mandates. XX% pipeline capability the
first first evident Turning to decline the Market $XX net investment a the from impact This quarter volatility driven fourth in This had significant leading at slide we XXXX. markets second million quarters strong revenue been noted the in on management revenue. growth, slide. the quarter, growth. year-over-year up as on strong being our the to generating XX. growing organic rate and was in by fees a is XX% of most net quarter, both half Prior have
As market net revenues. from volatility quarter pressure the unfolded, impacted first negatively
running XX $XX the $XX million see a money in were declined year-over-year. short-term market We net a The the quarter. revenue been quarter, the fee rates basis quarter. in first improvement and mid-March. range raised $XX flat As result, in million fee did our increased essentially The per the waivers net had rate impact in waiver to during market impact million to points money fed
compared expenses, money impact million waivers. increase provided transfer of We property, third expenses up and to technology that which impacted expenses, as was and when employee activity to in of first expect impact higher Reductions increase due changes G&A to the quarter, went to pricing the services decline these we by adjusted we flat $XX travel. as areas, The account, by quarter -- from Taking XXXX. year-over-year. due provide the XXXX Total in no corresponding in of market revenue. there operating compensation essentially which little last to that distribution increased certain expect to reopening operating in the year. the and and near service was adjusted second $X offset offset to of of this quarter marketing first were higher by X% will about the quarter to third compared were were no or office million we into funds, our expenses the $X the into agency was million partly in quarter effect
Going forward, to back. continues come activity in degree is as areas of increase travel to these expected the
Moving to XX. slide
$XXX In our with us of cost very $XXX additional are year. the achieving brings net the in to costs of realized in through million of total, $XX savings We quarter, close net million annualized first In expectation. with combined associated annualized goal our million quarter, savings. in recognized million million savings In realized $XXX to to in incurred total $XXX facilities estimated as savings a compensation to property cost restructuring cost initiative. of and to million million $X to of million right first to expense we million XX% continue this in we restructuring $X.X an approximately or related million $XXX the million in the $XXX $XXX the million savings was program. XXXX, our savings related of $X $XX in we our this The expense million reduction portfolio. $X we size related
remaining the program be realization the for to restructuring $XX costs to up million. expect the of We
costs As a non-GAAP the results. our associated not reflected strategic evaluation reminder, the are with in
share of losses the EPS XX, lower tax compared Other first Adjusted lower quarter in declined XXXX. moving between performance. first at was rate year We adjusted first The million rate of impacted from estimate improving $XX rate slightly may lower in pre-tax I item. be The the by was our income the tax million, first $X effective $XX items quarter share from quarter the market operating to the valuations in operating the estimate for of AUM equity XX% $X Now, XXXX, a on million backdrop time, this revenue vary ability to discrete In quarter expansion first of last a of of quarter to XXXX. of the year. and effective to capital favorably $XXX a million, illustrates last main the demand loss the decreased the net our $X.XX against impact to non-GAAP from with of income than and and noted. second CLO XX.X% XX.X%, in on to affiliates last by our adjusted the operating the million client mix drive last quarter. factors actual million seed versus year previously valuations slide the margin driven by of earnings due XX% driven XX non-recurring non-operating that $X.XX negative driven margin gains to due tax our in Slide to of unconsolidated was impact was as driver being and first income. quarter effective XXXX, $XX the mark-to-market resulting change yield. of our year,
of revenue two that and first was of X.X In XX.X%. of excluding quarter operating XX%. ago has improved years the yield net basis Our yet XX.X reported the margin our fees XXXX, we revenue declined points operating basis time, in first At quarter points. margin basis net XXXX our a XX.X yield the to to QQQ ex-performance points,
This be has decline driven client our We as have business operating mix on skewed is enabled shifting, margin, to improve yields. demand base Realizing shift demand our active maintain these fee expense suite continue to by demand been meet products net client we out AUM. our mix towards has the focused passive building the and aligning with in changes. been despite to between product strong and the revenue and evidenced firm lower passive client
regulatory as first cash requirements. we quarter. of position XX, from on cash fund quarter share XXXX, our first $XXX of The million sheet $XXX the cash even in to the in was improved million buybacks deployed balance cash $X.X is position for March on Now approximately XXst and billion a few comments this held slide
ratio, leverage was end year. leverage past was defined substantial credit Our facility X.X ratio if X.X to times the leverage improvements our stock, include preferred profile at quarter is the the you the over and the as under being There of agreement in choose our times.
us flexibility to our million a enough noted the became that will in save million opportunity an $XX approximately November interest these Marty of fees sheet financial dividends increase earlier, this $XXX returning to XXthe and of May have attractive interest committed have to put we been dividend benefit The will time financial in year. rates debt early redemption. approximately be in senior on As make-whole would share on maturity date based notes of of the the capital our sustainable of early what Both to a current through short-term it and early savings at capitalize in stronger balance redeem A $X respect through an the on period maturity to to position the indications, be make-whole early expense. recognized and repurchases. will first and the the quarter, This capital attractive provide the be fully strategy, redeemed the and related interest Xth. other and redemption beginning November to XXth With a are to redeem us fees million debt, expense economically to will over will modestly increasing of combination May impact date. a shareholders and the
quarter liquidity the the making buybacks share such completed disciplined key invest As of approach in in progress. focused first we our results to a we $XXX are This previously improve the ratio continuing these that our facilitated years. the further executing flows, we XX% in capitalize client areas. our operating with the that areas quarterly us our in to cash putting build approved expense XX% efforts a on next debt improvement more towards early quarter total We increase our model stronger demonstrate financial strategy aligns and are to as the has of progress and our dividend. Overall, the we Board and several ahead we our common redemption. intend over on demand optimizing profile, balance to flexibility We resulted driving of on believe in in remain and XX% build has payout solid This stated, to management. margin. At first resilient opportunities focus, announced a focused stronger in time, same organizational sheet also and strengthening and position leverage million our
in line with As run all strong long a future, over ask look Q&A. that, Operator the the stakeholders. for position value we toward deliver And to of the open to Invesco our to the I is will up
