1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549Form 10-K(Mark One)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2023ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934
2、For the transition period from to Commission file number 001-13908 Invesco Ltd.(Exact Name of Registrant as Specified in Its Charter)Bermuda98-0557567(State or Other Jurisdiction of Incorporation or Organization)(I.R.S.Employer Identification No.)1331 Spring Street,Suite 2500,Atlanta,GA30309(Address
3、 of Principal Executive Offices)(Zip Code)(404)892-0896(Registrants telephone number,including area code)(Former name,former address and former fiscal year,if changed since last report)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange
4、 on which registeredCommon stock,$0.20 par valueIVZNew York Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:NoneIndicate by check mark if the registrant is a well-known,seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registran
5、t is not required to file reports pursuant to Section 13 or Section 15(d)of the Act.Yes No Indicate by check mark whether the registrant:(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter perio
6、d that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S
7、-T(232.405 of this chapter)during the preceding 12 months(or for such shorter period that the registrant was required to submit such files).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,smaller reporting company,or an e
8、merging growth company.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company,”and emerging growth company in Rule 12b-2 of the Exchange Act.(Check one):Large accelerated filer Accelerated filerNon-accelerated filerSmaller reporting companyEmerging growth comp
9、anyIf an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has
10、 filed a report on and attestation to its managements assessment of the effectiveness of its internal control over financial reporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are reg
11、istered pursuant to Section 12(b)of the Act,indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements tha
12、t required a recovery analysis of incentive-based compensation received by any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act.)Yes No At J
13、une 30,2023,the aggregate market value of the voting stock held by non-affiliates was$6.0 billion,based on the closing price of the registrants Common Shares,par value U.S.$0.20 per share,on the New York Stock Exchange.At January 31,2024,the most recent practicable date,the number of Common Shares o
14、utstanding was 449,204,268.DOCUMENTS INCORPORATED BY REFERENCEThe registrant will incorporate by reference information required in response to Part III,Items 10-14 in its definitive Proxy Statement for its annual meeting of shareholders,to be filed with the Securities and Exchange Commission within
15、120 days after December 31,2023.PageGlossary of Defined TermsiSpecial Cautionary Note Regarding Forward-Looking Statements1PART IItem 1.Business4Item 1A.Risk Factors10Item 1B.Unresolved Staff Comments25Item 1C.Cybersecurity 25Item 2.Properties26Item 3.Legal Proceedings26Item 4.Mine Safety Disclosure
16、s26PART IIItem 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities27Item 6.Reserved29Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations29Item 7A.Quantitative and Qualitative Disclosures About Market Ris
17、k58Item 8.Financial Statements and Supplementary Data60Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure100Item 9A.Controls and Procedures101Item 9B.Other Information101Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections101PART IIIIte
18、m 10.Directors,Executive Officers and Corporate Governance101Item 11.Executive Compensation101Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters101Item 13.Certain Relationships and Related Transactions,and Director Independence102Item 14.Principal
19、Accountant Fees and Services102PART IVItem 15.Exhibits and Financial Statement Schedules103Item 16.Form 10-K Summary103Exhibits103Signatures107TABLE OF CONTENTSWe include cross references to captions elsewhere in this Annual Report on Form 10-K,which we refer to as this“Report,”where you can find re
20、lated additional information.The following table of contents tells you where to find these captions.GLOSSARY OF DEFINED TERMSAdjusted SOFR Secured Overnight Financing Rate plus 0.10%adjustmentAPAC Asia-PacificAUM Assets under managementbps Basis pointsCEO Chief Executive OfficerCFTC Commodity Future
21、 Trading CommissionCIP Consolidated investment productsCISO Chief Information Security OfficerCLOs Collateralized loan obligationsCompanies Act Companies Act 1981 of BermudaCOSO Committee of Sponsoring Organizations of the Treadway CommissionDOL The Department of LaborCovenant Adjusted EBITDA A fina
22、ncial measure set forth in covenants in our credit agreement,which is defined to be earnings before income tax,depreciation,amortization,interest expense,common share-based compensation expense,unrealized(gains)/losses from investments,net,and unusual or otherwise non-recurring gains and lossesEMEA
23、Europe,Middle East and AfricaEMIR European Market Infrastructure RegulationEPS Earnings per shareERISA Employee Retirement Income Security Act of 1974ESG Environmental,social and governanceETFs Exchange-traded fundsEU European UnionFASB Financial Accounting Standards Board FCA Financial Conduct Auth
24、orityGDPR General Data Protection RegulationGCSO Global Chief Security OfficerGEIP ST 2010 Global Equity Incentive Plan STIGW or Invesco Great Wall Invesco Great Wall Fund Management Company LimitedLIBOR The London Inter-Bank Offered RateMassMutual Massachusetts Mutual Life Insurance CompanyNAV Net
25、asset valueNYSE New York Stock ExchangeOECD Organization for Economic Cooperation and DevelopmentPCAOB Public Company Accounting Oversight BoardPIPL Personal Information Protection LawRIS Retail Investment StrategyRSAs Restricted stock awardsRSUs Restricted stock unitsS&P Standard&PoorsSEC U.S.Secur
26、ities and Exchange CommissionSFC Securities Futures Commission of Hong KongSFDR Sustainable Finance Disclosure RegulationSMA Separately Managed Accounts SOFR Secured Overnight Financing Ratethe company Invesco Ltd.and its consolidated entitiesthe Parent Invesco Ltd.Report this Annual Report on Form
27、10-KTRS Total return swapUITs Unit Investment TrustsU.K.United KingdomU.S.United StatesU.S.GAAP U.S.Generally Accepted Accounting PrinciplesUCITS Undertakings for the Collective Investment in Transferable SecuritiesUTBs Unrecognized tax benefitsVIE Variable interest entityVOE Voting interest entityi
28、significant fluctuations in the performance of capital and credit markets worldwide;adverse changes in the global economy;the performance of our investment products;significant changes in net asset flows into or out of the accounts we manage or declines in market value of the assets in,or redemption
29、s or other withdrawals from,those accounts;competitive pressures in the investment management business,including consolidation,which may force us to reducefees we earn;failure to properly address the increased transformative pressures affecting the asset management industry;any inability to adjust o
30、ur expenses quickly enough to match significant deterioration in markets;the effect of fluctuations in interest rates,liquidity and credit markets in the U.S.or globally;failure to maintain adequate corporate and contingent liquidity;exposure through certain investment products to credits losses in
31、excess of our expectations and risks related to earlystage real estate-related companies;our ability to acquire and integrate other companies into our operations successfully and the extent to which we canrealize anticipated product sales,cost savings or synergies from such acquisitions;the occurren
32、ce of breaches and errors in the conduct of our business,including errors in our quantitative models andindex tracking investment solutions,any failure to properly safeguard confidential and sensitive information,cyber-attacks or acts of fraud;our ability to attract and retain key personnel,includin
33、g investment management professionals;limitations or restrictions on access to distribution channels for our products;our ability to develop,introduce and support new investment products and services;our ability to comply with client contractual requirements and/or investment guidelines despite prev
34、entative complianceprocedures and controls;variations in demand for our investment products or services,including termination or non-renewal of our investmentmanagement agreements;harm to our reputation;our ability to maintain our credit ratings and access the capital markets in a timely manner;our
35、debt and the limitations imposed by our credit agreement;exchange rate fluctuations,especially as against the U.S.Dollar;man-made or natural disasters,pandemics or other widespread health crises or other business continuity problems andgovernmental responses to the same;the effect of political,econo
36、mic or social instability in or involving countries in which we invest or do business(including the effect of terrorist attacks,war and other hostilities);impact of climate-change;SPECIAL CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSThis Report,other public filings and oral and written statem
37、ents by us and our management,may include statements that constitute“forward-looking statements”within the meaning of the United States(U.S.)securities laws.These statements are based on the beliefs and assumptions of our management and on information available to us at the time such statements are
38、made.Forward-looking statements include information concerning future results of our operations,expenses,earnings,liquidity,cash flows,capital expenditures,and assets under management(AUM)which could differ materially from actual results due to known and unknown risks and other important factors,inc
39、luding,but not limited to,industry or market conditions,geopolitical events and pandemics or health crises and their respective potential impact on the company,acquisitions and divestitures,debt and our ability to obtain additional financing or make payments,regulatory developments,demand for and pr
40、icing of our products,the prospects for certain legal contingencies,and other aspects of our business or general economic conditions.In addition,when used in this Report or such other documents or statements,words such as“believes,”“expects,”“anticipates,”“intends,”“plans,”“estimates,”“projects,”“fo
41、recasts,”and future or conditional verbs such as“will,”“may,”“could,”“should,”and“would,”and any other statement that necessarily depends on future events,are intended to identify forward-looking statements.None of this information should be considered in isolation from,or as a substitute for,histor
42、ical financial statements.Forward-looking statements are not guarantees and involve risks,uncertainties and assumptions.There can be no assurance that actual results will not differ materially from our expectations.In most cases,such assumptions will not be expressly stated.We caution investors not
43、to rely unduly on any forward-looking statements.The following important factors,and other factors described elsewhere in this Report or contained in our other filings with the U.S.Securities and Exchange Commission(SEC),among others,could cause our results to differ materially from any results desc
44、ribed in any forward-looking statements:1the effect of failures or delays in support systems or customer service functions,and other interruptions of ouroperations;the effect of systems and other technological limitations on our ability to manage and grow our business;the effect of non-performance b
45、y our counterparties,third-party service providers and other key vendors to fulfill theirobligations;impairment of goodwill and other intangible assets;adverse results in litigation and any other regulatory or other proceedings,governmental investigations and enforcementactions;the selling of our co
46、mmon stock by our significant shareholders;andenactment of adverse federal,state or foreign legislation or changes in government policy or regulation(includingaccounting standards)affecting our operations,our capital requirements or the way in which our profits are taxed.Other factors and assumption
47、s not identified above were also involved in the derivation of these forward-looking statements,and the failure of such other assumptions to be realized may also cause actual results to differ materially from those projected.For more discussion of the risks affecting us,please refer to Item 1A,“Risk
48、 Factors.”You should consider the areas of risk described above in connection with any forward-looking statements that may be made by us and our businesses generally.We expressly disclaim any obligation to update any of the information in this or any other public report if any forward-looking statem
49、ent later turns out to be inaccurate,whether as a result of new information,future events or otherwise.For all forward-looking statements,we claim the“safe harbor”provided by Section 27A of the Securities Act of 1933,as amended,and Section 21E of the Securities Exchange Act of 1934,as amended.Summar
50、y of Risk FactorsThe following is a summary of material risks we are exposed to in the course of our business activities and which could have an adverse effect on our business.It does not contain all of the information that may be important to you and should be read together with the more detailed d
51、iscussion of risks in Item 1A,Risk Factors.Risks Related to Market Dynamics and VolatilityVolatility and disruption in global or regional capital and credit markets,as well as adverse changes in the globaleconomy,could negatively affect our AUM,revenues,net income and liquidity.Our revenues and net
52、income would likely be adversely affected by any reduction in AUM as a result of either adecline in market value of such assets or net outflows,each of which would reduce the investment management feeswe earn.Our revenues and net income from money market and other fixed income assets may be harmed b
53、y interest rates,liquidity and credit volatility.Our financial condition and liquidity would be adversely affected by losses on our seed capital and co-investments.As many of our subsidiary operations are located outside of the U.S.and have functional currencies other than the U.S.Dollar,changes in
54、the exchange rates to the U.S.Dollar impact our reported financial results.Risks Related to Investment Performance and CompetitionPoor investment performance of our products could reduce the level of our AUM or affect our sales,and negativelyimpact our revenues and net income.Failure to properly add
55、ress the increased transformative pressures affecting the asset management industry couldnegatively impact our business.Competitive pressures may force us to reduce the fees we charge to clients,which could reduce our profitability.Our private market products include investments in private credit,re
56、al estate,and equity investments in early-stagereal estate-related companies which may expose our investment products,clients and us,to the extent of ourinvestment in such investment products,to risks and liabilities,and us to reputational harm.Our investment products,clients and us,to the extent of
57、 our investment in such investment products,could incur lossesif the allowance for credit losses,including loan and lending-related commitment reserves,of portfolio-levelinvestments is inadequate or if our expectations of future economic conditions deteriorate.We may be unable to develop new product
58、s and services and the development of new products and services mayexpose us to additional costs or operational risk.The failure or negative performance of products offered by competitors may have a negative impact on similar Invescoproducts irrespective of our performance.Risks Related to Talent,Op
59、erations and Technology2Our investment management professionals and other key employees are a vital part of our ability to attract and retainclients,and the loss of key individuals or a significant portion of those professionals could result in a reduction of ourAUM,revenues and net income.Changes i
60、n the distribution channels on which we depend could reduce our net income and hinder our growth.Failure to comply with client contractual requirements and/or investment guidelines could result in costs of correction,damage awards and/or regulatory fines and penalties against us and loss of revenues
61、 due to client terminations.Our investment advisory agreements are subject to termination or non-renewal,and our fund and other investors maywithdraw their assets at any time.The quantitative models we use and our index tracking investment solutions may contain errors,which could result infinancial
62、losses or adversely impact product performance and client relationships.Climate change-related risks could adversely affect our business,products,operations and clients,which may causeour AUM,revenue and net income to decline.If our reputation is harmed,we could suffer losses in our AUM,revenues and
63、 net income.The lack of soundness of other financial institutions could adversely affect us or the client portfolios we manage.We depend on information technology,and any failures of or damage to,attack on or unauthorized access to ourinformation technology systems or facilities,or those of third pa
64、rties with which we do business or that facilitate ourbusiness activities,including as a result of cyber-attacks,could result in significant limits on our ability to conduct ouroperations and activities,costs and reputational damage.Our ability to manage and grow our business successfully can be imp
65、eded by systems and other technologicallimitations.If we are unable to successfully recover from a man-made or natural disaster,health crisis or pandemic or otherbusiness continuity problem,we could suffer material financial loss,loss of human capital,regulatory actions,reputational harm or legal li
66、ability.Our business is vulnerable to deficiencies and failures in support systems,including data management,and customerservice functions that could lead to breaches and errors or reputational harm,resulting in loss of customers or claimsagainst us or our subsidiaries.Risks Related to Accounting,Ca
67、pital Management and LiquidityThe carrying value of goodwill and other intangible assets on our balance sheet could become impaired,which wouldadversely affect our results of operations.Our credit agreement imposes operating covenants that impact our ability to conduct certain activities and,if amou
68、ntsborrowed under it were subject to accelerated repayment,we might not have sufficient assets or liquidity to repay suchamounts in full.We issued perpetual preferred stock having a value of approximately$4 billion,which could adversely affect ourability to raise additional capital and may limit our
69、 ability to fund other priorities.Failure to maintain adequate corporate and contingent liquidity may cause our AUM,revenues and net income todecline,as well as harm our prospects for growth.Distribution of earnings of our subsidiaries may be subject to limitations,including net capital requirements
70、.Risks Related to Strategic TransactionsWe may engage in strategic transactions that could create risks.Risks Related to our Significant ShareholdersFuture sales of shares of our common stock could adversely impact the trading price of our common stock.Massachusetts Mutual Life Insurance Company(Mas
71、sMutual)has the ability to significantly influence our business,and MassMutuals interest in our business may be different from that of other shareholders.Risks Related to Regulatory and Legal MattersWe operate in an industry that is highly regulated in most countries,and any enforcement action or si
72、gnificant changesin the laws or regulations governing our business or industry could decrease our AUM,revenues,net income andliquidity.Civil litigation and governmental investigations and enforcement actions could adversely affect our AUM and futurenet income and increase our costs of doing business
73、.Legislative and other measures that may be taken by governmental authorities could materially increase our tax burdenor otherwise adversely affect our net income or liquidity.Examinations and audits by tax authorities could result in additional tax payments for prior periods.Bermuda law differs fro
74、m the laws in effect in the U.S.and may afford less protection to shareholders.3Because we are incorporated in Bermuda,it may be difficult for shareholders to enforce non-monetary judgmentsagainst us or any judgment against us or our directors and officers.Shareholders may have to seek independent a
75、dviceregarding the commencement of proceedings or service of foreign process in Bermuda.We have anti-takeover provisions in our Bye-Laws that may discourage a change of control.General Risk FactorsOur ability to maintain our credit ratings and to access the capital markets in a timely manner should
76、we seek to do sodepends on a number of factors.Insurance may not be available at a reasonable cost to protect us from loss or liability.PART IItem 1.BusinessIntroductionInvesco Ltd.(the Parent)and its consolidated subsidiaries(collectively,Invesco or the company)is an independent investment manageme
77、nt firm dedicated to delivering a superior investment experience.Our comprehensive range of active,passive and alternative investment capabilities has been constructed over many years to help clients achieve their investment objectives.We draw on this comprehensive range of capabilities to provide s
78、olutions designed to deliver key outcomes aligned to client needs.With approximately 8,500 employees and an on-the-ground presence in more than 20 countries,Invesco is well positioned to meet the needs of investors across the globe.We have specialized investment teams managing investments across a b
79、road range of asset classes,investment styles and geographies.For decades,individuals and institutions have viewed Invesco as a trusted partner for a comprehensive set of investment needs.We have a significant presence in the retail and institutional markets within the investment management industry
80、 in the Americas,Europe,Middle East and Africa(EMEA)and Asia-Pacific(APAC),serving clients in more than 120 countries.As of December 31,2023,the firm managed approximately$1.6 trillion in assets for investors around the world.The key drivers of success for Invesco are long-term investment performanc
81、e,high-quality client service and effective distribution relationships delivered across a diverse spectrum of investment management capabilities,distribution channels,geographic areas and market exposures.Through our focus on these areas,we seek to deliver better outcomes for clients,generate compet
82、itive investment results and positive net flows,and increase AUM and revenues.We measure relative investment performance by comparing our investment capabilities to competitors products,industry benchmarks and client investment objectives.Generally,distributors,investment advisors and consultants ta
83、ke into consideration longer-term investment performance(e.g.,three-year and five-year performance)in their selection of investment products and recommendations to their clients.Third-party ratings may also influence client investment decisions.We monitor the quality of client service in a variety o
84、f ways,including periodic client satisfaction surveys,analysis of response times and redemption rates,competitive benchmarking of services and feedback from investment consultants.The company is organized under the laws of Bermuda.Our common shares are listed and traded on the New York Stock Exchang
85、e(NYSE)under the symbol“IVZ.”We maintain a website at contained on our website shall not be deemed to be part of,or be incorporated into,this document.)Industry TrendsTrends around the world continue to transform the investment management industry and underscore the need to be well diversified with
86、broad capabilities globally:Individuals and Institutions expect personalized outcomes and experience.Distribution partners are becoming more selective and continuing to maintain fewer relationships and partners,reducing the number of trusted investment managers with whom they work.Clients and distri
87、bution partners are demanding more from investment managers.While performance remainsparamount,competitive pricing,best-in class experience and value-added services(including portfolio analytics andconsultative solutions)increasingly differentiate managers.The U.S.and China will continue to be the d
88、ominant global wealth markets.Global asset management leaders willneed a considerable footprint in these markets.4Private market allocations continue to increase and become a meaningful part of retail portfolios,driving industry feegrowth as well as innovation and democratization.Beta,factor,and ind
89、ex offerings will continue to be core to portfolios in transparent,efficient markets.In this space,clients will demand ease of access and competitive pricing.Investors have been selecting active strategies,while placing a high bar on proven superior risk-adjusted returns.Investors have been favoring
90、 fixed income strategies in response to unpredictable market conditions and the higherinterest rate environment.Investors have been shifting their investment strategies toward lower fee offerings,and we believe this trend willcontinue.Leading asset managers must quickly curate options that solve cli
91、ents problems.Investment capabilities will be delivered efficiently and seamlessly using technologies,platforms,and vehicles.Investment managers are finding new ways of leveraging data and analytics to create insights that will providestrategic advantage and drive investment,distribution,and operati
92、onal excellence.Winners will invest in talent and skills across new ecosystems,requiring new ways of working and strategicpartnerships to drive synergies and scale.These dynamics are driving fundamental changes within the industry and,we believe,will drive increasing consolidation.We believe the ste
93、ps we have taken over the past decade strengthened our ability to understand,anticipate and meet client needs and will help ensure Invesco is well-positioned to compete within our industry over the long term.Strategy At Invesco,we seek to drive sustainable profitable growth by delivering capabilitie
94、s that build enduring partnerships and create better outcomes for our clients.The company focuses on four key long-term strategic objectives that are designed to sharpen our focus on client needs,further strengthen our business over time and help ensure our long-term success:Deliver the excellence o
95、ur clients expect Achieve strong,long-term investment performance.Deliver a quality investment process and a frictionless experience with superior engagement.Provide advice and solutions to help our clients best manage their portfolios and succeed with their own clients.Grow high demand investment o
96、fferings Deliver ahead of clients expectations through product innovation,investment styles,and packaging options.Focus our offerings at the intersection of high opportunity markets and high demand capabilities.Create an environment where talented people thriveAttract and develop high performing,div
97、erse talent with skills aligned to deliver against business outcomes.Create an inclusive and engaging culture that values diversity of thought which enables us to work as one team todeliver better outcomes.Act like owners for all stakeholders Be disciplined stewards of firm resources with a focus on
98、 profitable growth.Invest in the success of our clients,our shareholders,and ourselves.As an integrated global investment manager,we are keenly focused on meeting clients needs and operating effectively and efficiently.We take a unified approach to our business and present our financial statements a
99、nd other disclosures under the single operating segment“investment management.”A key focus of our business is fostering a strong investment culture and providing the support that enables our investment teams to maintain well-performing investment capabilities.We believe the ability to leverage the c
100、apabilities of our investment teams to help clients across the globe achieve their investment objectives is a significant differentiator for our firm.Investment Management CapabilitiesWe believe that the proven strength of our distinct and globally located investment teams and their well-defined inv
101、estment disciplines and risk management approaches provide us with a robust competitive advantage.There are few independent investment managers with teams as globally diverse as Invescos and with the same breadth and depth of investment capabilities and vehicles.We offer multiple investment objectiv
102、es within the various asset classes and products that we manage.Our asset classes,broadly defined,include equity,fixed income,balanced,alternatives and money market.Structural shifts in client portfolio allocations.5The following sets forth our major managed investment objectives by asset class:Equi
103、ty Fixed Income Balanced AlternativesMoney Market Core/Value/Growth Style Buy and Hold Balanced Risk Absolute Return Cash Plus Custom Solutions Convertibles Custom Solutions Commodities Custom Solutions Emerging Markets Core/Core Plus ESG Currencies Government/Treasury Environmental,Social andGovern
104、ance(ESG)Custom Solutions Global/Regional Custom Solutions Prime International/Global Emerging Markets Single Country Direct Lending Taxable Large/Mid/Small Cap ESG Target Risk Distressed Debt Tax-Free Low Volatility/Defensive Government Bonds Traditional Balanced ESG Passive/Enhanced High-Yield Bon
105、ds Financial Structures Regional/Single Country International/Global Global Macro Smart Beta/Factor-based Investment Grade Credit Infrastructure and MLPs Thematic/Sector Multi-Sector Long/Short Equity Municipal Bonds Managed Futures Passive/Enhanced Multi-Alternatives Regional/Single Country Private
106、 Real Estate Short/Ultra-Short Duration Public Real Estate Securities Smart Beta/Factor-based Senior Secured Loans Stable Value Structured SecuritiesDistribution ChannelsRetail AUM typically originate from clients investing into funds available to the public in the form of shares or units.Institutio
107、nal AUM originate from entities such as individual corporate clients,insurance companies,endowments,foundations,government authorities,universities or charities.AUM disclosed as retail channel AUM include AUM distributed by the companys retail sales team.AUM disclosed as institutional channel AUM in
108、clude AUM distributed by the companys institutional sales team.The company operates as an integrated global investment manager,presenting itself as a single firm to clients around the world.Dedicated sales forces deliver our investment strategies through a variety of vehicles that meet the needs of
109、retail and institutional clients.Note that not all products sold in the retail distribution channel are in retail vehicles,and not all products sold in the institutional channel are in institutional vehicles,as described in the table below.This aggregation,however,is viewed as a proxy for presenting
110、 AUM in the retail and institutional markets in which we operate.The following lists our primary investment vehicles by distribution channel:Retail Institutional Closed-end Mutual Funds Collective Trust Funds Exchange-traded funds(ETFs)ETFs Individual Savings Accounts Institutional Separate Accounts
111、 Investment Companies with Variable Capital Open-end Mutual Funds Investment Trusts Private Funds Open-end Mutual Funds Separately Managed Accounts(SMA)Socit dinvestissement Capital Variable Unit Investment Trusts(UITs)Variable Insurance Funds6(in billions)Total1-Yr ChangecAmericas$1,133.9 13.5%cEME
112、A215.9 15.9%cAPAC235.5 5.4%Total$1,585.3 RetailRetail AUM were$1,042.0 billion at December 31,2023.We offer retail products within all of the major asset classes.Our retail products are primarily distributed through third-party financial intermediaries,including major wire houses,direct wealth platf
113、orms,regional broker-dealers,insurance companies,banks and financial planners in the Americas,and independent brokers and financial advisors,banks and direct wealth platforms in EMEA and APAC.The Americas and EMEA retail operations rank among the largest by AUM in their respective markets.As of Dece
114、mber 31,2023,Invescos U.S.retail business,including our ETFs franchise,is among the leading asset managers in the U.S.,and Invescos retail business in EMEA is among the largest non-proprietary investment managers in the retail channel.In addition,Invesco Great Wall Fund Management Company Limited(IG
115、W or Invesco Great Wall),our joint venture in China,is one of the largest Sino-foreign managers of equity products in China,with total AUM of approximately$83.6 billion at December 31,2023.We provide our retail clients with one of the industrys most robust and comprehensive product lines.Institution
116、alInstitutional AUM were$543.3 billion at December 31,2023.We offer a broad suite of domestic and global strategies,including traditional and quantitative equities,fixed income(including money market funds for institutional clients),real estate,financial structures and absolute return strategies.Reg
117、ional sales forces distribute our products and provide services to clients and intermediaries around the world.We have a diversified client base that includes major public and private entities,unions,non-profit organizations,endowments,foundations,pension funds,financial institutions and sovereign w
118、ealth funds.Invescos institutional money market funds serve some of the largest financial institutions,government entities and companies in the world.AUM DiversificationOne of Invescos competitive strengths is the diversification of AUM by client domicile,distribution channel and asset class.We serv
119、e clients in more than 120 countries.The following tables present a breakdown of AUM by client domicile,distribution channel and asset class as of December 31,2023.Additionally,the fourth table below illustrates the split of our AUM as Passive and Active.Passive AUM include index-based ETFs,UITs,non
120、-management fee earning AUM and other passive mandates.Active AUM are total AUM less Passive AUM.See the companys disclosures regarding the changes in AUM for the year ended December 31,2023 in Part II,Item 7,Managements Discussion and Analysis of Financial Condition and Results of Operations-Assets
121、 Under Management”for additional information regarding the changes in AUM.By Client Domicile7By Distribution Channel(in billions)Total1-Yr ChangecRetail$1,042.0 19.5%cInstitutional543.3 1.2%Total$1,585.3 By Asset Class(in billions)Total1-Yr ChangecEquity$823.7 29.3%cFixed Income325.7 3.8%cBalanced62
122、.7 (6.6)%cMoney Market192.7 (5.3)%cAlternatives180.5 (3.9)%Total$1,585.3 Active vs.Passive(in billions)Total1-Yr ChangecActive$985.3 0.9%cPassive600.0 38.6%Total$1,585.3 Corporate Responsibility and Human CapitalInvescos long-term success depends on our ability to retain,develop,engage and attract t
123、op talent.Invesco invests significantly in talent development,health and welfare programs,technology and other resources that support our employees in developing their full potential both personally and professionally.We believe that an employee community that is diverse and inclusive,engaged in com
124、munity involvement and invested in employee well-being will drive positive outcomes for our clients and shareholders.We believe that diversity and inclusion are good for business.We are committed to further strengthening diversity at all levels and in all functions across our global business.Increas
125、ing representation of women and diverse employees remains a focus for Invesco,as does building a more inclusive work environment.All employees are required to take periodic unconscious bias training.Our employees are also encouraged to participate in any of our various employee resource groups 8wher
126、e employees with diverse backgrounds,experiences and perspectives can connect.Our employee resource groups are sponsored by senior leaders and are designed by employees,for employees.As of December 31,2023,the company had 8,489(December 31,2022:8,611)employees with an on-the-ground presence in over
127、20 countries.Our employees are not covered under collective bargaining agreements.The company is committed to reducing our impact on the environment.Across Invesco offices,we carefully manage our operational activities with a focus on using natural resources wisely,increasing efficiencies wherever p
128、ossible and providing a safe and healthy workplace for employees and visitors.This is the foundation of our environmental,health and safety management approach.Competition The investment management business is highly competitive,with points of differentiation including investment performance,fees,ra
129、nge of products offered,brand recognition,business reputation,financial strength,depth and continuity of relationships and quality of service.We compete with a large number of investment management firms,commercial banks,investment banks,broker-dealers,hedge funds,insurance companies and,increasingl
130、y,firms outside the traditional financial services industry,such as technology providers.Many of these competitors have greater financial resources and higher brand recognition than Invesco.However,we believe our experience as a trusted partner to clients,the quality and diversity of our investment
131、capabilities,product types and channels of distribution,and our commitment to innovation enable us to compete effectively in the global investment management business.There are few independent investment managers with teams as globally diverse as Invescos and the same breadth and depth of investment
132、 capabilities and vehicles.We offer multiple investment objectives within the various asset classes and products that we manage.We also believe being an independent investment manager is a competitive advantage,as our business model avoids conflicts that are inherent within institutions that both ma
133、nage and distribute and/or service those products.Lastly,we believe continued execution against our strategic objectives will further strengthen our long-term competitive position.Management ContractsWe derive substantially all of our revenues from investment management contracts.Fees vary with the
134、type of assets being managed,with higher fees earned on actively managed equity and balanced accounts,along with real estate and other alternative asset products,and with lower fees earned on fixed income,money market and stable value accounts,and ETFs.Investment management contracts are generally t
135、erminable upon thirty or fewer days notice.Typically,retail investors may withdraw their funds at any time without prior notice and institutional clients may elect to terminate their relationship with investment managers or reduce the aggregate amount of AUM with very short notice periods.Risk Manag
136、ementInvesco is committed to continually strengthening and evolving our risk management approach and activities to ensure they keep pace with business change and client expectations.We believe a key factor in our ability to manage through challenging market conditions and significant business change
137、 is our integrated and global approach to risk management.We seek to embed risk management in our day-to-day decision-making as well as our strategic planning process,while our global risk management framework seeks to enable consistent and meaningful risk dialogue up,down and across the company.Our
138、 framework leverages two governance structures:(i)our Global Investment Risk and Performance Committee oversees the management of core investment risks;and(ii)our Enterprise Risk Management Committee oversees the management of all other business-and strategy-related risks.A network of regional,busin
139、ess unit and risk-specific management committees,with oversight by the Enterprise Risk Management Committee,provides ongoing identification,assessment,management,monitoring,and reporting of existing and emerging risks across all domains of our business.Available Information The SEC maintains a websi
140、te that contains reports,proxy and information statements and other information regarding issuers at www.sec.gov.We make available free of charge on our website, Annual Report on Form 10-K,Quarterly Reports on Form 10-Q,Current Reports on Form 8-K,proxy statement and amendments to those reports file
141、d or furnished pursuant to Section 13(a)or 15(d)of the Securities Exchange Act of 1934,as amended,as soon as reasonably practicable after we electronically file such material with,or furnish it to,the SEC.9In recent years,capital and credit markets have experienced substantial volatility.In this reg
142、ard:In the event of extreme circumstances,including an economic,political or business crisis,such as a widespreadsystemic failures or disruptions in the global or regional financial systems or failures of firms that have significantobligations as counterparties on financial instruments,we may suffer
143、 significant declines in AUM and severe liquidityor valuation issues in managed investment products in which client and company assets are invested,all of whichwould adversely affect our operating results,financial condition,liquidity,credit ratings,ability to access capitalmarkets and ability to re
144、tain and attract key employees.Additionally,these factors could impact our ability to realizethe carrying value of our goodwill and other intangible assets.Illiquidity and/or volatility of the global or regional risk asset markets could negatively affect our ability to manageinvestment products in w
145、hich client and company assets are invested or client inflows and outflows or to timely meetclient redemption requests.Uncertainties regarding geopolitical developments,such as nation state sovereignty,border disputes,diplomaticdevelopments,social instability or changes in governmental policies,can
146、produce volatility in global financial marketsand regulatory environments.This volatility,including volatility arising from tensions between the U.S.and China,may impact the level and composition of our AUM and also negatively impact investor sentiment,which could resultin reduced or negative flows.
147、Changes to tax,tariff and import/export regulations and economic sanctions may have a negative effect on global orregional economic conditions,financial markets and our business.Any changes with respect to trade policies,treaties,taxes,government regulations and tariffs,or the perception that any of
148、 these changes could occur,may have a materialadverse effect on global or regional economic conditions and the stability of global financial markets and maysignificantly reduce global trade or trade between certain nations.Given we are a global business,we could be moreadversely affected than others
149、 by such market uncertainties.Our revenues and net income would likely be adversely affected by any reduction in AUM as a result of either a decline in market value of such assets or net outflows,each of which would reduce the investment management fees we earn.We derive substantially all our revenu
150、es from investment management contracts with clients.Under these contracts,the investment management fees paid to us are generally based on the market value of AUM.AUM may decline for various reasons.For any period in which revenues decline,our net income and operating margin would likely decline by
151、 a greater proportion because a majority of our expenses remain fixed.Factors that could decrease AUM,revenues,and net income include the following:Declines in the market value of AUM in client portfolios.We cannot predict whether volatility in the markets will result in substantial or sustained dec
152、lines in the markets generally or result in price declines in market segments in which our AUM are concentrated.Any of the foregoing could negatively impact the market value of our AUM,revenues and net income.Redemptions and other withdrawals from,or shifting among,client portfolios.These changes co
153、uld be caused by investors reducing their investments in client portfolios in general or in the market segments in which we focus;investors taking profits from their investments;and portfolio risk characteristics,which could cause investors to move assets to other investment managers.Furthermore,the
154、 fees we earn vary with the types of assets being managed,with higher fees earned on actively managed equity and balanced accounts,alternative asset products,and lower fees earned on fixed income,stable value accounts and passively managed products.Our revenues and net income may decline further if
155、clients continue to shift their investments to lower fee accounts.Our revenues and net income from money market and other fixed income assets may be harmed by interest rates,liquidity and credit volatility.Central banks,such as the Federal Reserve,are maintaining relatively high interest rates after
156、 numerous hikes in interest rates during 2022 and early 2023 in response to the increase in inflation,which has negatively impacted and may materially and negatively continue to affect the value of the assets that we manage.Certain institutional investors using money market products and other short-
157、term duration fixed income products for cash management purposes may shift these investments to Item 1A.Risk FactorsRisks Related to Market Dynamics and VolatilityVolatility and disruption in global or regional capital and credit markets,as well as adverse changes in the global economy,could negativ
158、ely affect our AUM,revenues,net income and liquidity.10direct investments in comparable instruments in order to realize higher yields.These redemptions would reduce AUM,thereby reducing our revenues and net income.If securities within a money market portfolio default or investor redemptions force th
159、e portfolio to realize losses,there could be negative pressure on its net asset value(NAV).Although money market investments are not guaranteed instruments,the company might decide,under such a scenario,that it is in its best interest to provide support in the form of a support agreement,capital inf
160、usion or other methods to help stabilize a declining NAV,which may have an adverse impact on our profitability.Additionally,we have investments in fixed income assets,including collateralized loan obligations(CLOs),real estate-related loans,commercial loans and seed capital in fixed income funds,the
161、 valuation of which could change with changes in interest and default rates.Declines in the values of AUM could lead to reduced revenues and net income as management fees are generally calculated based upon the size of AUM.Our financial condition and liquidity would be adversely affected by losses o
162、n our seed capital and co-investments.The company has investments in managed investment products that invest in a variety of asset classes,including equities,fixed income products,commodities,derivatives,other similar financial instruments,and alternative investment products.Investments in these pro
163、ducts are generally made to establish a track record,meet purchase size requirements for trading blocks or demonstrate economic alignment with other investors in our funds.Adverse market conditions may result in the need to write down the value of these seed capital and co-investments,which may adve
164、rsely affect our results of operations or liquidity.As of December 31,2023,we had approximately$956.0 million in seed capital and co-investments.As many of our subsidiary operations are located outside of the U.S.and have functional currencies other than the U.S.Dollar,changes in the exchange rates
165、to the U.S.Dollar impact our reported financial results.The largest component of our net assets,revenues and expenses,as well as our AUM,is presently denominated in U.S.Dollars.However,we have a large number of subsidiaries outside of the U.S.whose functional currencies are not the U.S.Dollar.As a r
166、esult,fluctuations in the exchange rates to the U.S.Dollar impact our reported financial results.Consequently,significant strengthening of the U.S.Dollar relative to the United Kingdom(U.K.)Pound Sterling,Euro,Chinese RMB,Japanese Yen or Canadian Dollar,among other currencies,could have a material n
167、egative impact on our reported financial results.Risks Related to Investment Performance and CompetitionPoor investment performance of our products could reduce the level of our AUM or affect our sales,and negatively impact our revenues and net income.Our investment performance is critical to the su
168、ccess of our business.Strong investment performance often stimulates sales of our products.Poor investment performance(on a relative or absolute basis)as compared to third-party benchmarks or competitive products has in the past led,and could in the future lead,to a termination of investment managem
169、ent agreements,a decrease in sales of our products and stimulate redemptions from existing products,each of which could lower the overall level of AUM,reduce our management fees and negatively impact our revenues and net income.There is no assurance that past or present investment performance in our
170、 products will be indicative of future performance.If we fail,or appear to fail,to address successfully and promptly the underlying causes of any poor investment performance,we may be unsuccessful in reversing such under performance,which could result in client loss or redemptions and the loss of fu
171、ture business prospects,both of which would negatively impact our revenues and net income.Failure to properly address the increased transformative pressures affecting the asset management industry could negatively impact our business.The asset management industry is facing transformative pressures a
172、nd trends from a variety of different sources,including increased fee pressure;a continued shift away from actively managed fundamental equities and fixed income strategies towards alternative,passive index and smart beta strategies;increased demands from clients and distributors for client engageme
173、nt and services;a trend towards institutions concentrating on fewer relationships and partners and reducing the number of investment managers they work with;increased regulatory activity and scrutiny of many aspects of the asset management industry,including ESG practices and related matters,transpa
174、rency/unbundling of fees,inducements,conflicts of interest,capital,liquidity,solvency,leverage,operational risk management,controls and compensation;addressing the key emerging markets in the world,such as China and India,which often have populations with different needs,preferences and horizons tha
175、n the more developed U.S.and European markets;advances in technology and digital wealth and distribution tools and increasing client interest in interacting digitally with their investment portfolios;and growing crypto asset markets that remain subject to substantial volatility and significant regul
176、atory uncertainty.As a result of these trends and pressures,the asset management industry is facing an increased level of disruption.If we are unable to adapt our strategy and business to adequately address 11risks related to the potential illiquidity,valuation and disposition of such investments;ri
177、sks related to emerging and less established companies that have,among other things,short operating histories,notyet achieved or sustained profitability,new technologies and products,nascent control functions,quickly evolvingmarkets and limited financial resources;construction risks,including as a r
178、esult of force majeure,labor disputes or work stoppages,shortages of material orinterruptions to the availability of necessary equipment;credit risks,including interest-rate movements and an issuers ability to make principal and interest payments on thedebt it issues;risks related to investment in“d
179、istressed”securities,including abrupt and erratic market movements and above-average price volatility;risks associated with a lack of diversification,such that any adverse change in one or a small number of issuers couldhave a material adverse effect on an investment products or clients investments;
180、accidents,pandemics,health crises or catastrophic events,climate-related risks,including greater frequency orintensity of adverse weather and natural disasters,that are beyond our control;personal injury or property damage;risks relating to the use of leverage,including as a result of increasing int
181、erest rates or an inability to timely obtain andeffectively deploy leverage;failures on the part of third-party managers,service providers or sub-contractors appointed in connection withinvestments or projects to adequately perform their contractual duties or operate in accordance with applicable la
182、ws;exposure to stringent and complex foreign,federal,state and local laws,ordinances and regulations,including thoserelated to private fund advisers,financial crime,permits,government contracting,conservation,exploration andproduction,lending,tenancy,occupational health and safety,foreign investment
183、 and environmental protection;environmental hazards;changes to the supply and demand for properties and/or tenancies;risks related to the availability,cost,coverage and other limitations on insurance;the financial resources of tenants or loan counterparties;andcontingent liabilities on disposition o
184、f investments.these trends and pressures,we may be unable to satisfactorily meet client needs,our competitive position may weaken,and our AUM,revenues,and net income may be adversely affected.Competitive pressures may force us to reduce the fees we charge to clients,which could reduce our profitabil
185、ity.The investment management business is highly competitive,and we compete based on a variety of factors,including investment performance,range of products offered,brand recognition,business reputation,financial strength,stability and continuity of client and financial intermediary relationships,qu
186、ality of service,level of fees charged for services and the level of compensation paid and distribution support offered to financial intermediaries.We continue to face market pressures regarding fee levels in many products,including low fee,passively managed products that compete with our actively m
187、anaged products.Our competitors include many investment management firms and other financial institutions.Some of these institutions have greater capital and other resources,and offer more comprehensive lines of products and services,than we do.There are relatively few barriers to entry by new inves
188、tment management firms,and the successful efforts of new entrants around the world have also resulted in increased competition.Further,our competitors may increase their market share to our detriment by reducing fees.The increasing size and market influence of certain distributors of our products an
189、d of certain direct competitors may have a negative impact on our ability to compete at the same levels of profitability in the future.In addition,technology is subject to rapid advancements and changes and our competitors may,from time to time,implement newer technologies or more advanced platforms
190、 for their services and products,including digital advisers,low cost,high speed financial applications and services and investment platforms based on artificial intelligence and other advanced electronic systems,which could adversely affect our business if we are unable to remain competitive.Our pri
191、vate market products include investments in private credit,real estate,and equity investments in early-stage real estate-related companies which may expose our investment products,clients and us,to the extent of our investment in such investment products,to risks and liabilities,and us to reputation
192、al harm.Our private market products include investments in private credit,real estate,and equity investments in early-stage real estate-related companies that may expose our investment products,clients and us,to the extent of our investment in such investment products,to risks and liabilities that a
193、re inherent in the ownership,management and operation of such investments.These may include:12The above risks may expose our investment products,clients and us,to the extent of our investment in such investment products,to expenses and liabilities,including costs associated with delays or remediatio
194、n and increased legal or regulatory costs,all of which could impact the returns earned by our investment products and clients.These risks could also result in direct liability for us by exposing us to losses,regulatory sanctions or litigation,including claims for compensatory or punitive damages.In
195、addition,market conditions may change during the course of real estate development projects in which our investment products and clients invest that make such developments less attractive than at the time it was commenced and potentially harm the investment returns of our investment products and cli
196、ents and us,to the extent of our investment in such investment products.The occurrence of any such events may expose us to reputational harm,or cause our AUM,revenues and net income to decline.Our investment products,clients and us,to the extent of our investment in such investment products,could in
197、cur losses if the allowance for credit losses,including loan and lending-related commitment reserves,of portfolio-level investments is inadequate or if our expectations of future economic conditions deteriorate.When our investment products or clients loan money,commit to loan money,provide credit or
198、 enter into a credit-related contract or mortgage loan with a counterparty,our investment products,client and us,to the extent of our investment in such investment products,incur credit risk,or the risk of loss if the borrower or counterparty does not timely repay their loans or fail to perform acco
199、rding to the terms of their agreements.The revenues and profitability of investment products and clients may be subordinated(and thus exposed to the first level of default risk)or otherwise subject to substantial credit risks.Certain investments have a comparatively higher degree of risk of a loss o
200、f capital and may not show any return for a considerable period of time,including second lien debt.The revenues and profitability of investment products,clients and us,to the extent of our investment in such investment products,are adversely affected when borrowers and counterparties default,in whol
201、e or in part,on their obligations or when there is a significant deterioration in the credit quality of the loan portfolio.Certain debt-related holdings may be difficult or impossible to dispose of readily at what we believe to be a fair price.Investment products and clients can have exposure to low
202、er-rated instruments and securities,which generally reflects a greater possibility that adverse changes in the financial condition of the borrower or in general economic conditions(including,for example,a substantial period of rising interest rates or declining earnings)or both may impair the abilit
203、y of the borrower to make payment of principal and interest.Current and future market and economic developments may increase default and delinquency rates and negatively impact the quality of the credit portfolio.Although our estimates contemplate current conditions and how we expect them to change
204、over the life of the investment portfolio,it is reasonably possible that actual conditions could be worse than anticipated,which could cause our revenues and net income to decline.We may be unable to develop new products and services and the development of new products and services may expose us to
205、additional costs or operational risk.Our financial performance depends,in part,on our ability to develop,market and manage new investment products and services.The development and introduction of new products and services requires continued innovative efforts on our part and may require significant
206、time and resources as well as ongoing support and investment.Substantial risk and uncertainties are associated with the introduction of new products and services,including the implementation of new and appropriate operational controls and procedures,shifting client and market preferences,the introdu
207、ction of competing products or services and compliance with regulatory requirements.New products often must be in the market place for three or more years in order to generate the track records required to attract significant AUM inflows.Increasingly,clients and intermediaries are looking to investm
208、ent managers to be able to deliver investment outcomes tailored to particular circumstances and needs,and to augment traditional investment management products and services with additional value-added services.A failure to continue to innovate and introduce successful new products and services or to
209、 manage effectively the risks associated with such products and services may impact our market share relevance and may cause our AUM,revenues and net income to decline.The failure or negative performance of products offered by competitors may have a negative impact on similar Invesco products irresp
210、ective of our performance.13Many competitors offer similar products to those offered by us,and the failure or negative performance of competitors products could lead to a loss of confidence in similar Invesco products,irrespective of the performance of our products.Any loss of confidence in a produc
211、t type could lead to withdrawals,redemptions and liquidity issues in such products,which could have a material adverse effect on our AUM,revenues and net income or liquidity.Risks Related to Talent,Operations and TechnologyOur investment management professionals and other key employees are a vital p
212、art of our ability to attract and retain clients,and the loss of key individuals or a significant portion of those professionals could result in a reduction of our AUM,revenues and net income.Retaining highly skilled investment management and other in-high demand personnel is important to our abilit
213、y to attract and retain our clients.The market for skilled investment management professionals and other key personnel is highly competitive.Our policy has been to provide our investment management professionals and other key personnel with a supportive professional working environment and compensat
214、ion and benefits that we believe are competitive with other leading investment management firms.However,we may not be successful in retaining our investment management professionals and other key personnel,and the loss of significant investment professionals or other key personnel could reduce the a
215、ttractiveness of our products and services to potential and current clients and could,therefore,adversely affect our AUM,revenues and net income.Changes in the distribution channels on which we depend could reduce our net income and hinder our growth.We sell substantially all of our retail investmen
216、t products through a variety of third-party financial intermediaries.Increasing competition for these distribution channels could cause our distribution costs to rise,which would lower our net income.Certain of the third-party intermediaries upon whom we rely to distribute our investment products al
217、so sell their own competing proprietary investment products,which could limit the distribution of our products and certain distributors may demand higher levels of revenue sharing.Similarly,particularly in the U.S.,certain distributors have substantially reduced the number of investment funds they m
218、ake available to their customers.If a material portion of our distributors were to substantially narrow their product offerings,it could have a significant adverse effect on our AUM,revenues and net income.More broadly,in both retail and institutional channels,intermediaries(distribution firms and c
219、onsultants)are seeking to reduce the number of investment management firms they do business with.While this offers opportunities to the company to have broader and deeper relationships with firms that continue to do business with us,it also poses risks of additional lost business if a particular fir
220、m chooses to stop or significantly reduce its business relationship with the company.Any failure to maintain strong business relationships with these intermediaries due to any of the above-described factors would impair our ability to sell our products,which in turn could have a negative effect on o
221、ur AUM,revenues and net income.Investors,particularly in the institutional market,rely on external consultants and other third parties for advice on the choice of investment manager.These consultants and third parties tend to exert a significant degree of influence over their clients choices,and the
222、y may favor one of our competitors over us as better meeting their particular clients needs.There is no assurance that our investment products will be among their recommended choices in the future.Any failure to maintain strong business relationships with the consultant community would impair our ab
223、ility to sell our products,which in turn could have a negative effect on our AUM,revenues and net income.Failure to comply with client contractual requirements and/or investment guidelines could result in costs of correction,damage awards and/or regulatory fines and penalties against us and loss of
224、revenues due to client terminations.Many of the investment management agreements under which we manage assets or provide products or services specify investment guidelines or requirements,such as adherence to investment restrictions or limits,that we are required to observe in the provision of our s
225、ervices.Laws and regulations impose similar requirements for certain investment products.A failure to comply with these guidelines or requirements could result in damage to our reputation or in our clients seeking to recover losses,withdrawing their assets or terminating their contracts.Regulators l
226、ikewise may commence enforcement actions for violations of such requirements,which could lead to fines and penalties against the company,which could cause our AUM,revenues and net income to decline.We maintain various compliance procedures and other controls to seek to prevent,detect and correct suc
227、h errors.Significant errors by the company could impact our reputation,AUM,revenues,net income or liquidity.Our investment advisory agreements are subject to termination or non-renewal,and our fund and other investors may withdraw their assets at any time.14Substantially all our revenues are derived
228、 from investment management agreements.Investment management agreements are generally terminable upon 30 or fewer days notice.Agreements with U.S.registered funds may be terminated with notice,or terminated in the event of an“assignment”(as defined in the U.S.Investment Company Act of 1940,as amende
229、d),and must be renewed annually by the disinterested members of each funds Board of Trustees or Directors,as required by law.In addition,the Boards of Trustees or Directors of certain other funds generally may terminate these investment management agreements upon written notice for any reason.Open-e
230、nd registered fund and unit trust investors may generally withdraw their funds at any time without prior notice.Institutional clients may elect to terminate their relationships with us or reduce the aggregate amount of AUM,generally on short notice.Any termination of or failure to renew a significan
231、t number of these agreements,or any other loss of a significant number of our clients or AUM,would adversely affect our revenues,net income,and liquidity.The quantitative models we use and our index tracking investment solutions may contain errors,which could result in financial losses or adversely
232、impact product performance and client relationships.We use various quantitative models to support investment decisions and investment processes,including those related to portfolio management,portfolio risk analysis,and client investment guidance.While we maintain controls to seek to prevent,detect
233、and correct any errors,even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.Any errors in the underlying models or model assumptions could have unanticipated and adverse consequences on our business and reputation.These risks m
234、ay be heightened by the rapid growth and complexity of new models,evolving data sets and standards,and market volatility.In addition,we offer index tracking investment solutions for our passive products,and any errors or disruptions in our ability to accurately track a subject index could materially
235、 adversely affect our business or reputation,which would adversely affect our AUM,revenues,net income,and liquidity.Climate change-related risks could adversely affect our business,products,operations and clients,which may cause our AUM,revenue and net income to decline.Our business and those of our
236、 clients could be impacted by climate change-related risks.Climate change may present risk to us through changes in the physical climate or from the climate change-related legislative and regulatory initiatives and the transition to a lower-carbon economy.Climate-related physical risks arise from th
237、e direct impacts of a changing climate,such as extreme weather events and changes in temperature,which may damage infrastructure and facilities as well as disrupt connectivity or supply chains.Impacts associated with climate change-related legislative and regulatory initiatives and the transition to
238、 a low carbon economy may result in operational changes and additional expenditures that could adversely affect us.Our reputation and business prospects may also be damaged if we do not,or are perceived not to,effectively prepare for the potential business and operational opportunities and risks ass
239、ociated with climate change,including the development and marketing of effective and competitive new products and services designed to address certain clients climate risk-related investment objectives.These risks include negative market perception,diminished sales effectiveness and regulatory and l
240、itigation consequences associated with greenwashing claims or driven by association with certain clients,industries or products that may be inconsistent with our other clients ESG priorities or stated positions on climate change issues.If our reputation is harmed,we could suffer losses in our AUM,re
241、venues and net income.Our business depends on earning and maintaining the trust and confidence of clients,other market participants and regulators,and our good reputation is critical to our business.Our reputation is vulnerable to many threats that can be difficult or impossible to control,and costl
242、y or impossible to remediate.Regulatory inquiries,investigations or findings of wrongdoing,intentional or unintentional misrepresentation of our products and services in regulatory filings,product literature,advertising materials,public relations information,social media or other external communicat
243、ions,operational failures(including portfolio management errors or cyber breaches),employee dishonesty or other misconduct and rumors,among other things,can substantially damage our reputation,even if they are baseless or eventually satisfactorily addressed.Our business also requires us to continuou
244、sly manage actual and potential conflicts of interest,including situations where our services to a particular client conflict,or are perceived to conflict,with the interests of other clients or those of Invesco.The willingness of clients to enter into transactions in which such a conflict might aris
245、e may be affected if we fail-or appear to fail-to deal appropriately with conflicts of interest.In addition,potential or perceived conflicts could give rise to litigation or regulatory enforcement actions.We have policies,procedures and controls that are designed to address and manage these risks;ho
246、wever,even effective procedures and controls can only provide reasonable assurance of achieving their objectives.If our policies,procedures or controls fail,our reputation could be damaged.Any damage to our reputation could impede our ability to attract and retain clients and key personnel,and lead
247、to a reduction in the amount of our AUM,any of which could have a material adverse effect on our revenues,net income or liquidity.15The lack of soundness of other financial institutions could adversely affect us or the client portfolios we manage.Financial services institutions are interrelated as a
248、 result of trading,clearing,counterparty or other relationships.We,and the client portfolios that we manage,have exposure to many different industries and counterparties,and routinely execute transactions with counterparties in the financial services industry.Many of these transactions expose us or
249、such client portfolios to credit risk in the event of default of their counterparties.While we regularly conduct assessments of such risk posed by counterparties,an event of default may occur due to market factors,such as sudden swings in the financial and credit markets that may occur swiftly and w
250、ithout warning.Such event of default could produce a financial loss for the company or the client portfolios we manage.We depend on information technology,and any failures of or damage to,attack on or unauthorized access to our information technology systems or facilities,or those of third parties w
251、ith which we do business or that facilitate our business activities,including as a result of cyber-attacks,could result in significant limits on our ability to conduct our operations and activities,costs and reputational damage.We are highly dependent upon the use of various proprietary and third-pa
252、rty information and security technology,software applications and other technology systems to operate our business.We are also dependent on the effectiveness of our information and cyber security infrastructure,policies,procedures and capabilities to protect our technology and digital systems and th
253、e data that reside on or are transmitted through them,including data provided by third parties that is significant to portions of our business and products.We use our technology to,among other things,manage and trade portfolio investments,obtain securities pricing information,process client transact
254、ions,protect the privacy of clients,employees and business partners data,support our other operations and provide other services to our clients.In recent years,several financial services firms suffered cyber-attacks launched both domestically and from abroad,resulting in the disruption of services t
255、o clients,loss or misappropriation of confidential data,litigation and regulatory enforcement actions and reputational harm.Cyber security incidents and cyber-attacks have been occurring globally at a more frequent and severe level.Our status as a global financial institution and the nature of our c
256、lient base may enhance the risk that we are targeted by such cyber threats.Although we take protective measures,including measures to effectively secure information through system security technology,have many controls,processes,digital backup and recovery processes in place,and seek to continually
257、monitor and develop our systems to protect our technology infrastructure and data from misappropriation or corruption,our technology systems may still be vulnerable to unauthorized access as a result of an external attack,actions by employees or vendors with access to our systems,computer malware or
258、 other events that have a security impact and that result in the disclosure or release of confidential information inadvertently or through malfeasance,or result in the loss(temporarily or permanently)of data,applications or systems.The third parties with which we do business or which facilitate our
259、 business activities,including financial intermediaries and technology infrastructure,data storage and service providers,are also susceptible to the foregoing risks(including those related to the third parties with which they are similarly interconnected or on which they otherwise rely),and our or t
260、heir business operations and activities may therefore be adversely affected,perhaps materially,by failures,terminations,errors or malfeasance by,or attacks or constraints on,one or more financial,technology or infrastructure institutions or intermediaries with whom we or they are interconnected or c
261、onduct business.Further,third-party service providers may have limited indemnification obligations to us in the event a cyber incident causes us to incur loss or damages.A breach of our technology systems could damage our reputation and could result in the unauthorized disclosure or modification or
262、loss of sensitive or confidential information(including client data);unauthorized disclosure,modification or loss of proprietary information relating to our business;inability to process client or company transactions and processes;breach and termination of client contracts;liability for stolen asse
263、ts,information or identity;remediation costs to repair damage caused by the breach,including damage to systems and recovery of lost data;additional security costs to mitigate against future incidents;regulatory actions(including fines and penalties,which could be material)and litigation costs result
264、ing from the incident.Such consequences could have a negative effect on our AUM,revenues and net income.Our ability to manage and grow our business successfully can be impeded by systems and other technological limitations.16Our continued success in effectively managing and growing our business depe
265、nds on our ability to integrate our varied accounting,financial,information and operational systems on a global basis.Moreover,adapting or developing the existing technology systems we use to meet our internal needs,as well as client needs,industry demands and new regulatory requirements,is also cri
266、tical for our business.The introduction of new technologies,such as our State Street Alpha platform,presents new challenges and new potential risks to us.On an ongoing basis,we need to upgrade and improve our technology,including our data processing,financial,accounting,shareholder servicing and tra
267、ding systems.Implementing any such upgrades,updates or other changes or replacements for our systems may be expensive and time-consuming,could divert managements focus away from core business activities and may adversely affect our business if additional or unanticipated time or resources are necess
268、ary to complete any such changes to our systems.If the updated or new systems,such as our State Street Alpha platform,do not operate as anticipated or if other unforeseen issues arise with the transition to the new or updated systems it may adversely affect our business.Further,we also must be proac
269、tive and prepared to implement new technology when growth opportunities present themselves,whether as a result of a business acquisition or rapidly increasing business activities in particular markets or regions.These needs could present operational issues or require significant capital and may requ
270、ire us to reevaluate the current value and/or expected useful lives of the technology we use,which could negatively impact our AUM,revenues,net income and liquidity.If we are unable to successfully recover from a man-made or natural disaster,health crisis or pandemic or other business continuity pro
271、blem,we could suffer material financial loss,loss of human capital,regulatory actions,reputational harm or legal liability.If we were to experience a man-made or natural disaster,health crisis or pandemic,such as new variant of COVID-19,or other business continuity problem,our continued success will
272、 depend,in part,on the availability of our personnel,our office facilities and the proper functioning of our computer,telecommunication and other related systems and operations.In such an event,we believe our operational size,multiple office locations and our existing back-up systems should mitigate
273、 adverse impacts.Nevertheless,given our global presence,we could still experience near-term operational problems with regard to particular areas of our operations.Although we seek to regularly assess and improve our existing business continuity plans,a major disaster,a disaster that affected certain
274、 important operating areas,or our inability to successfully recover should we experience a disaster or other business continuity problem,could materially interrupt our business operations and cause material financial loss,loss of human capital,regulatory actions,reputational harm or legal liability.
275、The extent to which our business,revenues,AUM and net income are affected by a future pandemic or a new variant of COVID-19 will largely depend on new events or future developments,which cannot be accurately predicted and are uncertain,including the duration,severity and the length of time it will t
276、ake for the economy to recover from the negative impacts on human capital and potentially more permanent impacts on how we operate and serve our clients.Our business is vulnerable to deficiencies and failures in support systems,including data management,and customer service functions that could lead
277、 to breaches and errors or reputational harm,resulting in loss of customers or claims against us or our subsidiaries.In addition to investment management,our services include fund administration,sales,distribution,marketing,shareholder servicing and trust,custody and other fiduciary services and por
278、tfolio management software services.We must properly perform our responsibilities associated with the forgoing services,including portfolio recordkeeping and accounting,security pricing,corporate actions,investment restrictions compliance,daily NAV computations,account reconciliations and required d
279、istributions to fund shareholders.The ability to consistently and reliably perform such services is essential to our continuing success.Certain types of securities may experience liquidity constraints that could impact fair value pricing,which is dependent on certain subjective judgments that have t
280、he potential to be challenged.Any delays or inaccuracies in obtaining pricing information,processing transactions or reports,other breaches and errors and/or any inadequacies in customer service,could result in reimbursement obligations or other liabilities,or alienate clients or distributors and/or
281、 claims against us.Our ability to conduct any of the foregoing actions is highly dependent on communications and information systems and on third-party service providers and their related technology systems and platforms.Certain of these processes involve a degree of manual input,and thus errors cou
282、ld occur.In addition,our operations and processes rely on commercially available data provided by third parties as well as providers of services,including technology services,and operating errors,process failures or failures to comply with data usage requirements with respect to these service provid
283、ers may adversely impact us.Our data providers commonly disclaim the accuracy and completeness of data and we do not have the ability to validate or verify the accuracy and completeness of commercially sourced datasets.Our failure to properly perform and monitor our operations,including data managem
284、ent,or our otherwise suffering deficiencies and failures in these systems or service functions due to a failure of a third-party service provider or other key vendor could result in material financial loss or costs,regulatory actions,breach of client contracts,reputational harm or legal claims and l
285、iability,which in turn could have a negative effect on our AUM,revenues and net income.17Distribution of earnings of our subsidiaries may be subject to limitations,including net capital requirements.Risks Related to Accounting,Capital Management and LiquidityThe carrying value of goodwill and other
286、intangible assets on our balance sheet could become impaired,which would adversely affect our results of operations.We have goodwill and indefinite-lived intangible assets on our balance sheet that are subject to annual impairment reviews.We also have definite-lived intangible assets on our balance
287、sheet that are subject to impairment testing.Goodwill and intangible assets totaled$8,691.5 million and$5,848.1 million,respectively,at December 31,2023.We recorded a non-cash impairment of$1,248.9 million related to our indefinite-live intangible assets related to acquired management contracts of U
288、.S.retail mutual funds during the 12 months ended December 31,2023,and we may not realize the full value of our remaining goodwill and indefinite-lived intangible assets.We perform impairment reviews of these assets on an annual basis,or more frequently if impairment indicators are present.A variety
289、 of factors can result in impairment.Should the fair value be less than the carrying amount of either the goodwill or intangible assets,a write-down of the related assets would occur,adversely affecting our net income for the period.See Item 7,“Managements Discussion and Analysis of Financial Condit
290、ion and Results of Operations-Critical Accounting Policies-Goodwill”and“-Intangibles,”for additional details of our impairment analysis process.Our credit agreement imposes operating covenants that impact our ability to conduct certain activities and,if amounts borrowed under it were subject to acce
291、lerated repayment,we might not have sufficient assets or liquidity to repay such amounts in full.Our credit agreement requires us to maintain specified financial ratios,including maximum debt-to-earnings and minimum interest coverage ratios.The credit agreement also contains customary affirmative op
292、erating covenants and negative covenants that,among other things,restrict certain of our subsidiaries ability to incur debt and restrict our ability to transfer assets,merge,make loans and other investments and create liens.The breach of any covenant could result in a default under the credit agreem
293、ent.In the event of any such default,lenders that are party to the credit agreement could refuse to make further extensions of credit to us and require all amounts borrowed under the credit agreement,together with accrued interest and other fees,to be immediately due and payable.If any indebtedness
294、under the credit agreement were subject to accelerated repayment and if we had at that time a significant amount of outstanding debt under the credit agreement,we might not have sufficient liquid assets to repay such indebtedness in full.We issued perpetual preferred stock having a value of approxim
295、ately$4 billion,which could adversely affect our ability to raise additional capital and may limit our ability to fund other priorities.We issued approximately$4 billion of 5.9%fixed rate perpetual preferred stock in connection with the acquisition of OppenheimerFunds Inc.This issuance may limit our
296、 ability to obtain additional financing for working capital,capital expenditures,debt service requirements,acquisitions and general corporate or other purposes,may restrict our ability to pay dividends to holders of common shares in certain circumstances,may increase our vulnerability to general eco
297、nomic and industry conditions,and will require a significant portion of cash flow from operations to make required dividend payments to preferred shareholders.Failure to maintain adequate corporate and contingent liquidity may cause our AUM,revenues and net income to decline,as well as harm our pros
298、pects for growth.Our ability to meet anticipated cash needs depends upon a number of factors,including our creditworthiness and ability to generate operating cash flows.Failure to maintain adequate liquidity could lead to unanticipated costs and force us to revise existing strategic and business ini
299、tiatives.Our access to equity and debt markets on reasonable terms may be limited by adverse market conditions,including tax and interest rates,a reduction in our long-or short-term credit ratings,or changes in government regulations.Failure to obtain funds and/or financing,or any adverse change to
300、the cost of obtaining such funds and/or financing,may cause our AUM,revenues and net income to decline,curtail our operations and limit or impede our prospects for growth.18Risks Related to Strategic TransactionsWe may engage in strategic transactions that could create risks.We regularly review,and
301、from time-to-time engage in strategic transactions,some of which may be material.Strategic transactions also pose the risk that any business we acquire may lose customers or employees or could underperform relative to expectations.We could also experience financial or other setbacks if potential or
302、actual acquisitions or divestitures encounter unanticipated problems,including problems related to closing or integration.Following the completion of a strategic acquisition,we may have to rely on the seller to provide administrative and other support,including financial reporting and internal contr
303、ols,to the acquired business for a period of time.There can be no assurance that such sellers will do so in a manner that is acceptable to us.Risks Related to our Significant ShareholdersFuture sales of shares of our common stock could adversely impact the trading price of our common stock.If our si
304、gnificant shareholders sell substantial amounts of our common stock or express an intention to sell,or there is the perception that such sales may occur,such actions could have a significant impact on our common share trading price.In addition,if we sell substantial amounts of our common stock in th
305、e public market,or there is a perception that such sales may occur,the market price of our common stock could be negatively impacted.Massachusetts Mutual Life Insurance Company(MassMutual)has the ability to significantly influence our business,and MassMutuals interest in our business may be differen
306、t from that of other shareholders.MassMutual is entitled to designate an individual to serve on our board so long as it beneficially owns at least(i)10%of our issued and outstanding shares of common stock or(ii)5%of our issued and outstanding shares of common stock and$2.0 billion in aggregate liqui
307、dation preference of our Series A preferred shares.Additionally,we are not permitted to take certain actions without the prior written approval of MassMutual,including making certain changes in our capital structure or our organizational documents,adopting a shareholder rights plan or effectuating c
308、ertain business combination transactions.MassMutuals level of ownership and influence may make some transactions(such as those involving mergers,material share issuances or changes in control)more difficult or impossible without the support of MassMutual,which in turn could adversely affect the mark
309、et price of our shares of common stock or prevent our shareholders from realizing a premium over the market price for their shares of our common stock.The interests of MassMutual may conflict with the interests of other shareholders.Further,MassMutual has made significant capital or seed investments
310、 in several of our products.If MassMutual decides not to provide additional capital or seed investments in the future or to withdraw material amounts of capital or seed investments in existing products,it could impact our ability to timely launch new products or impact existing products.Risks Relate
311、d to Regulatory and Legal MattersWe operate in an industry that is highly regulated in most countries,and any enforcement action or significant changes in the laws or regulations governing our business or industry could decrease our AUM,revenues,net income and liquidity.Substantially all of our oper
312、ations are conducted through our subsidiaries.As a result,our cash flow and ability to fund operations are dependent upon the earnings of our subsidiaries and the distribution of earnings,intercompany loans or other payments by our subsidiaries to us.Any payments to us by our subsidiaries could be s
313、ubject to statutory,regulatory or contractual restrictions and are contingent upon our subsidiaries earnings and business or regulatory considerations.For example,certain of our subsidiaries are required under applicable laws and regulations to maintain appropriate levels of capital.Our financial co
314、ndition or liquidity could be adversely affected if certain of our subsidiaries are unable to distribute funds to us.All of our regulated European Union(EU)and U.K.subsidiaries are subject to capital requirements under applicable EU and U.K.requirements,and we maintain capital within this European s
315、ub-group to satisfy these regulations.We meet these requirements in part by holding cash and cash equivalents.This retained cash can be used for general business purposes in the European sub-group in the countries where it is located.Due to the capital restrictions,the ability to transfer cash betwe
316、en certain jurisdictions may be limited.In addition,transfers of cash between international jurisdictions may have adverse tax consequences.As of December 31,2023,our minimum regulatory capital requirement was$395.8 million.Complying with our regulatory commitments may result in an increase in the c
317、apital requirements applicable to the European sub-group.Finally,as a result of regulatory requirements,certain of these subsidiaries may be required to limit their dividends to the company.19Regulatory developments and changes specific to our business will or may include,without limitation:Regulati
318、ons pertaining to the privacy and use,security,transfer and management of personal data with respect toclients,employees and business partners.Privacy regulations such as the General Data Protection Regulation(GDPR)in Europe have strengthened privacy rules for organizations handling personal data,gr
319、anting individuals more rightsand control over the use of their personal data,and greatly increasing penalties for non-compliance.In many otherjurisdictions in which our subsidiaries operate,there is ongoing change to update and strengthen privacy regulations ina manner similar to GDPR,such as the C
320、alifornia Consumer Privacy Act and California Privacy Rights Act,IndiasDigital Personal Data Protection Act and Chinas Personal Information Protection Law(PIPL).In addition,rules andlegal requirements for international transfers of personal data from Europe and Asia create additional complexity forg
321、lobal organizations around the use and management of personal data,particularly regarding integrated global cloud-based systems and services.Chinas PIPL introduced new reporting and disclosure requirements for organizationstransferring personal data outside of China.Regulations promulgated to addres
322、s perceptions that the asset management industry,or certain of its entities oractivities,pose systematic risks to the financial system.Regulations aimed at addressing concerns regarding open-end funds that invest in less liquid asset classes.Regulatorsin the U.S.,U.K.and EU have expressed concern th
323、at the daily redeemability features of these funds creates a“liquidity mismatch”with the assets in which they invest,which gives rise to investor dilution and systemic risk,especially in times of financial market stress.In the EU,the amendments to the undertakings for the collectiveinvestment in tra
324、nsferable securities(UCITS)and alternative investment fund managers directive frameworks havebeen agreed to and introduce new rules regarding the use of certain liquidity management tools(e.g.,swing pricing,anti-dilution and side pockets etc.)by UCITS and alternative investment funds.Specific rules
325、on loan originatingfunds were also introduced,with potential implications for the structuring of such funds.In the U.S.,the SEC hasproposed changes to the regulations governing liquidity risk management programs for registered open-end funds(including ETFs)that,if finalized without change,could impe
326、de our ability to sponsor mutual funds and ETFs thatinvest in certain asset classes,such as syndicated bank loans.As with all investment management companies,our activities are highly regulated in almost every country in which we conduct business.The regulatory environment in which we operate freque
327、ntly changes,and we have seen a significant increase in regulatory changes,actions and scrutiny in recent years.Without limiting the generality of the foregoing,regulators in the U.S.and other jurisdictions have taken and can be expected to continue to take a more aggressive posture in bringing enfo
328、rcement proceedings.Laws and regulations generally grant governmental agencies and industry self-regulatory authorities broad administrative discretion over our activities,including the power to require registration or licenses,limit or restrict our business activities,conduct examinations,risk asse
329、ssments,investigations and capital adequacy reviews and impose remedial programs to address perceived deficiencies.As a result of regulatory oversight,we could face requirements or actions which negatively impact the way in which we conduct business,delay or deny approval for new products or service
330、 offerings,cause or contribute to reduced sales or increased redemptions of our products or services,impair the investment performance of other products or services,impact product mix,increase compliance costs and/or impose additional capital requirements.Our regulators likewise have the authority t
331、o commence enforcement actions which could lead to sanctions up to and including the revocation of licenses to operate certain businesses,the suspension or expulsion from a particular jurisdiction or market of any of our business organizations or their key personnel or the imposition of fines and ce
332、nsures on us or our employees.Further,regulators across borders could coordinate actions against us as issues arise resulting in impacts on our business in multiple jurisdictions.Judgments or findings of wrongdoing by regulatory or governmental authorities,or in private litigation against us,could a
333、ffect our reputation,increase our costs of doing business and/or negatively impact our revenues.Any of the effects discussed above could have a material negative impact on our AUM,revenue,net income or liquidity.A substantial portion of the products and services we offer are regulated by the SEC,Financial Industry Regulatory Authority,the Commodity Future Trading Commission(CFTC),the National Futu
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