JHG - Invesco: The QQQ Investment Manager Is An M&A Integration Story

• Invesco is up 250% over the past year but that is somewhat misleading given the pandemic-induced sell-off last March.
• The company's stock has yet to reach its all-time high prior to two large acquisitions: Oppenheimer in May of 2019 and Guggenheim in April of 2018.
• The pandemic hit while Invesco was still in the midst of integrating these two acquisitions.
• The recent Q1 report was very strong and led to a 10% increase in the dividend. However, there are still significantly more M&A integration efficiencies yet to be rung out of the company.

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