US investment manager Invesco has reported net income of $155.2 million for the quarter ended 31 March 2008, compared with $175.9 million in the quarter ended 31 December 2007 and $155.2 million in the quarter ended 31 March 2007. It also announced a major share buy-back programme. President and chief executive Martin Flanagan said: “Work over the last two years to transform Invesco into an integrated worldwide investment manager with distinctive investment capabilities supported by a global operating platform continues to strengthen our competitive position. While the market environment remains volatile, confidence in our company’s ability to build long-term financial security for our clients and value for our shareholders is reflected in today’s decision by our board to authorise a share repurchase program of up to $1.5 billion.” Assets under management at 31 March 2008 were $470.3 billion (31 December 2007: $500.1 billion; 31 March 2007: $471.2 billion). Average AuM during the first quarter of 2008 were $476.6 billion, compared to $509.9 billion for the fourth quarter of 2007. The decline was largely driven by the downturn in global equity markets during the first quarter of 2008, the firm said.