Invesco IVZ reported third-quarter 2019 adjusted earnings of 70 cents per share, beating the Zacks Consensus Estimate of 57 cents. Also, the bottom line was 6.1% up from the prior-year quarter figure.Shares of Invesco have rallied almost 3% in the pre-market trading, indicating that investors have taken the results in their stride. Better-than-expected realization of expense synergies from OppenheimerFunds integration cheered investors as well.Results benefited from improvement in assets under management (AUM) balance and rise in revenues, driven by the OppenheimerFunds buyout. However, increase in operating expenses and net outflows were the undermining factors.On a GAAP basis, net income attributable to common shareholders came in at $167.1 million or 36 cents per share, down from $269.6 million or 65 cents per share a year ago.Revenues & Expenses RiseGAAP operating revenues were $1.72 billion, increasing 28.2% year over year. However, the figure missed the Zacks Consensus Estimate of $1.76 billion. Adjusted net revenues jumped 27.1% to $1.23 billion.Adjusted operating expenses were $726.1 million, up 19.2% from the prior-year quarter.At the end of the third quarter, Invesco achieved $501 million in annualized net expense synergies related to integration of the OppenheimerFund business. This is in excess of its target of $475 million, and also ahead of original schedule.Adjusted operating margin for the quarter was 40.9% compared with 37.0% a year ago.AUM ImprovesAs of Sep 30, 2019, AUM was $1.18 billion, up 20.7% year over year. Average AUM for the third quarter totaled $1.19 billion, up 20.6%. AUM growth was mainly driven by the closure of the deal to acquire OppenheimerFunds in May 2019.Further, the September quarter witnessed long-term net outflows of $11.1 billion.Share Repurchase UpdateDuring the third quarter, Invesco repurchased shares worth $315 million.The company repurchased $962 million worth of shares since announcing $1.2 billion buyback authorization in October 2018. Further, Invesco is on track to repurchase the remaining $238 million by the first quarter of 2021.Our ViewInvesco remains well poised to benefit from improved global investment flows, supported by a diversified footprint, product offering and the OppenheimerFunds buyout. However, mounting expenses and outflows are likely to hurt its financials.Invesco Ltd. Price, Consensus and EPS Surprise Invesco Ltd. price-consensus-eps-surprise-chart | Invesco Ltd. QuoteCurrently, Invesco carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance & Release Date of Other Investment ManagersCohen & Steers’ CNS third-quarter 2019 adjusted earnings of 65 cents per share beat the Zacks Consensus Estimate of 63 cents. Also, the bottom line was 1.6% higher than the year-ago quarter figure.BlackRock, Inc.’s BLK third-quarter 2019 adjusted earnings of $7.15 per share surpassed the Zacks Consensus Estimate of $6.95. However, the figure was 4.9% lower than the year-ago quarter’s number.Affiliated Managers Group, Inc. AMG is slated to announce results on Oct 28.Wall Street’s Next AmazonZacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Invesco Ltd. (IVZ): Free Stock Analysis Report Cohen & Steers Inc (CNS): Free Stock Analysis Report Affiliated Managers Group, Inc. (AMG): Free Stock Analysis Report BlackRock, Inc. (BLK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research