Invesco Ltd

Good morning and thank you all for joining us. As a reminder, this conference call and the related presentation may include forward-looking statements. which reflect management's expectation about future events and overall operating plans and performance. These forward-looking statements are made as of today and are not guaranteed. They involve risks, uncertainties, and assumptions, and there can be no assurance that actual results will not differ materially from our expectations. For discussion of these risks and uncertainties, please see the risks described in our most recent Form 10-K and subsequent filings with the SEC. Invesco makes no obligation to update any forward-looking statements. We may also discuss non-GAAP financial measures during today's call. Reconciliations of these non-GAAP financial measures may be found at the end of our earnings presentation.

Welcome to Invesco's third quarter results conference call. All participants will be in the listen-only mode until the question and answer session. At that time, to ask a question, please press star 1. To allow more participants to ask questions, only one question and a follow-up can be submitted per participant, as this call will last one hour. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Now I would like to turn the call over to your speakers for today. Marty Flanagan, President and CEO of Invesco, Alison Dukes, Chief Financial Officer, and Greg McGreevy, Senior Managing Director of Investment. Mr. Flanagan, you may begin.

Thank you, operator, and thank you, everybody, for joining us this morning. So over the past decade, we've undertaken several strategic initiatives and made meaningful investments in key capabilities that have positioned us well to deliver for our clients and compete in what is now a highly dynamic and competitive industry. Looking forward, we continue to be very focused on executing our long-term strategy, which is intended to further strengthen our ability to meet client needs while returning the firm to sustainable organic growth. With the continued uncertainty in the economic environment we saw during this third quarter, driven by the global pandemic, again, we remain very focused on our clients and ensuring that we're meeting their investment objectives while also being really focused on running a very disciplined business in this uncertain time. These efforts, combined with strong investment performance and high demand capabilities, led to long-term net inflows of $7.8 billion worldwide. during the quarter across a broad variety of channels, geographies, and asset classes. Retail flows significantly improved during the quarter, and our solutions-enabled institutional pipeline remained robust. Long-term flows into fixed-income capabilities continued to be strong, and we saw net inflows in Asia Pacific and the EMEA regions during the quarter, and net outflows in the Americas improved significantly. Net inflows in Asia Pacific during the quarter were $8 billion, up significantly from the $2 billion we saw in the prior quarter. As we noted during the second quarter call, we've undertaken a strategic evaluation of our business, and this evaluation has several objectives, including enhancing client outcomes, improving organic growth, reducing complexity, and streamlining our operating environment. We see opportunities to invest in areas of growth aligned with our strategic plan and supported by data and analytics, and these include areas such as ETFs, China, solutions, alternatives, global equities, as we also look to optimize primarily in areas of the business that do not directly touch clients. We expect this optimization will reduce our normalized annual operating expenses by a net $200 million by the end of 2022, and Alison will speak more to this in just a moment. In addition, during the quarter, we continue to manage our balance sheet by reducing the outstanding borrowings under the revolver while improving cash balances. Invesco has built a global diversified business with depth and breadth and resiliency to deliver positive outcomes for our clients through various market cycles. have invested ahead of several macro trends that are shaping the future of our industry. As a result, we are now highly competitive in areas with strong demand, with the majority of our investment capabilities aligned with key future growth areas. These include a significant and growing solutions effort, leadership positions, and fixed income, ETFs, factors, global equities, which would include emerging markets, alternatives, and the fast-growing China market. And again, we remain very focused on meeting the needs of our clients in this very volatile environment while running a disciplined business and working towards sustainable organic growth. Before I turn the call over to Allison, let me comment on the 13D that was filed by Tryon on October 2nd. We value shareholder input and regularly engage with our major shareholders in a constructive dialogue aimed at further strengthening our business and driving sustainable growth. We welcome try-ins as a shareholder and are active in constructive conversations with them. And as you appreciate, given we are still in the process of engagement, we are not in a position to comment further on this topic during the call today. With that, let me turn it over to Allison.