Invesco takes 76% fourth-quarter profit drop

Invesco Ltd. reported a 76% fourth-quarter drop in net profits today. The Atlanta-based global investment manager recorded net income of $31.9 million, an 82% drop from the $175.9 million it reported in the year-earlier period — and down from $131.8 million in the third quarter of 2008. Invesco’s assets under management also took a fourth-quarter hit, dropping to $357.2 billion as of Dec. 31, from $500.1 billion in the year-earlier period. The company also released its annual earnings report: Net profits in 2008 totaled $481.7 million, and diluted earnings per share were $1.21. That’s compared with 2007, when income was $673.3 million, and diluted earnings per share were $1.64.