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 expectations 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 statement. 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 first quarter results conference call. All participants will be in a listen-only mode until the question and answer session. At that time, to ask a question, please press star 1. This call will last one hour. To allow more participants to ask questions, only one question and a follow-up can be submitted per participant. 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, and Allison Dukes, Chief Financial Officer. Mr. Flanagan, you may begin.

Thank you. Thanks, everybody, for joining us, and we look forward to the conversation. As we begin 2021, we remain cautiously optimistic with the vaccine rollout gaining traction that will emerge from the global pandemic this year. I think this is only confirmed by the increased economic activity we're all seeing. That said, risks do remain. The good news is Invesco is off to a great start this year, and as you can see in the results that we reported this morning. And if you're so inclined to follow along, I'm going to be speaking to the highlight slide, which is slide three. Our investment key capabilities and the tremendous focus on our clients continues to produce good momentum in our business. We have now achieved nine straight months of net long-term inflows. In the first quarter, net long-term inflows were $24.5 billion. This is a record level of inflows for the firm. This follows net long-term inflows of nearly $18 billion in the second half of last year, and this represents nearly a 9% annualized long-term organic growth rate. led by net flows into ETFs, continued strength and fixed income, and net inflows into the balance funds. And as you can see on slide three, the key areas that were highlighted in January, we have scale, investment readiness, and competitive strength, growth to growth in the quarter. These are areas where investment performance is strong, we're highly competitive, and we're well-positioned for growth. Retail flows significantly improved in the quarter and were $21.2 billion out of $24.5 billion of the net long-term flows. Our ETFs, excluding the Qs, generated net long-term inflows of $16.8 billion. This is also a record for the firm, which contributed significantly to the $10 billion of net long-term inflows generated in the Americas. Invesco's U.S. ETFs, excluding the Qs, captured 6.7% of the U.S. industry net ETF inflows. This is more than two times our 3% market share. Within private markets, we launched two CLOs, which raised $800 million, and it remained focused on our alternative capabilities of space, where we also see the benefits of our mass mutuals. MassMutual has committed over a billion dollars to various strategies, including providing a credit facility to one of our private market funds. We had net long-term inflows of $6.5 billion within active fixed income, and within active global equities, our nearly $50 billion developing markets fund, a key capability acquired in the Oppenheimer transaction, saw $1.3 billion of inflows. That said, there are still areas of improvement within active equities where we continue to work and remain focused on those opportunities. Net long-term inflows into Asia-Pac were $16.7 billion in the first quarter, following $17 billion net inflows in the second half of 2020. The China JV launched nine new funds with $6.2 billion of net long-term inflows. In addition, our solutions-enabled institutional pipeline has grown meaningfully and accounts for over 60% of our pipeline at the end of the quarter. Allison will provide more information in a few minutes on the flows, the pipeline, the results for the quarter, but I would note we generated positive operating leverage, producing an operating margin of 40.2% for the quarter. Strong cash flows being generated from our operations improved our cash position, resulting in no drawdown on our credit facility at quarter end, a quarter where we experienced seasonally higher demand on our cash flow. The board also approved a 10% increase in the quarterly dividend to 17 cents per share. Given our historical investments in the business and our most recent efforts to further align our organization with our strategy, I'm confident in the talent, capabilities, the resources, and the momentum to deliver for our clients and drive further growth and success. And with that, I'll turn it over to Alice and walk through the results in greater detail.