Invesco Ltd.'s second-quarter earnings declined 46% because of costs from its acquisition of Morgan Stanley's retail funds business. Net income fell to $40.8 million, or 9 cents a share, from $75.7 million, or 18 cents, a year earlier, Invesco, of Atlanta, said Tuesday.
Charges related to the acquisition decreased earnings by 14 cents a share. Excluding that and other items, earnings of 27 cents a share beat the average estimate of 26 cents in a Bloomberg News survey of 15 analysts.
Invesco paid $1.37 billion in cash and shares in the purchase, which included Morgan Stanley's Van Kampen unit. The transaction added $114.6 billion of assets.