Invesco Ltd.'s second-quarter earnings fell 54% on declines in revenue and assets under management as inflows slowed from earlier this year during a general slump in cash to money market funds.

The recent improvement in markets bodes well, however, for money managers that have been buffeted by the downturn. The industry has struggled in recent quarters as some investors withdrew to the sidelines. But uncertainty remains about who will benefit from Wall Street consolidation.

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