These firms consider Invesco to be one of the most diversified asset managers based on its product offering, international exposure, improving distribution footprint, stable cash flow generation and diversified asset class. They foresee significant opportunities for Invesco to deliver earnings growth via further margin expansion from the MS/VK retail deal in the near term and significant revenue synergies in the long term. Moreover, these firms believe the company’s broad asset mix and a significant global presence would strengthen institutional allocations both domestically and outside the U.S. According to these firms, Invesco’s management continues to lay the groundwork for a global organization that will be able to show new business trends and improved operating profitability with a continuation in top-line growth. These firms expect organic growth to return and continue to build, reflecting a strong/improving investment performance as well as Invesco's broad manufacturing and distribution capabilities.