Invesco’s IVZ fourth-quarter 2021 adjusted earnings of 86 cents per share handily outpaced the Zacks Consensus Estimate of 76 cents. The bottom line grew 19.4% from the prior-year quarter.Results reflect improvement in revenues and solid growth in assets under management (AUM) balance. However, a rise in operating expenses was a headwind.On a GAAP basis, net income attributable to common shareholders was $426.8 million or 92 cents per share, up from $211.1 million or 46 cents per share a year ago.In 2021, adjusted earnings per share of $3.09 beat the consensus estimate of $3.01 and surged 60.1% year over year. Net income attributable to common shareholders (GAAP basis) was $1.39 billion or $2.99 per share, up from $524.8 million or $1.13 per share in 2020.Revenues & Expenses RiseQuarterly GAAP operating revenues were $1.76 billion, growing 8.2% year over year. The top line easily beat the Zacks Consensus Estimate of $1.35 billion. Adjusted net revenues increased 11.8% to $1.37 billion.In 2021, GAAP operating revenues rose 12.2% to $6.89 billion. The top line also surpassed the consensus estimate of $5.24 billion. Adjusted net revenues grew 16.9% to $5.26 billion.Adjusted operating expenses were $796.2 million, up 7.2% from the prior-year quarter.The company achieved 84% of the targeted $200 million or $167 million in annualized net savings at the end of the reported quarter. This exceeds the $150 million target set for 2021.Adjusted operating margin was 42%, up from 39.5% a year ago.AUM Balance ImprovesAs of Dec 31, 2021, AUM was $1.61 trillion, which soared 19.3% year over year. Average AUM at fourth-quarter end totaled $1.58 trillion, up 23.8%.The company witnessed long-term net inflows of $12.5 billion during the quarter, up from $8.4 billion in the prior-year period.Strong Balance SheetAs of Dec 31, 2021, cash and cash equivalents were $1.90 billion, up 6.9% sequentially. Further, long-term debt amounted to $2.09 billion.As of Dec 31, 2021, the credit facility balance was zero.Our ViewInvesco remains well poised to benefit from its global footprint, product offerings and strategic buyouts. However, elevated expenses and high debt level are major concerns. 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.Earnings Dates of Other Asset ManagersNow we look forward to earnings releases of Ameriprise Financial, Inc. AMP, SEI Investments Company SEIC and Blackstone Inc. BX.Both Ameriprise and SEI Investments are scheduled to announce fourth-quarter and full-year 2021 results on Jan 26. Blackstone is slated to report the same on Jan 27. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>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 Blackstone Inc. (BX): Free Stock Analysis Report Invesco Ltd. (IVZ): Free Stock Analysis Report Ameriprise Financial, Inc. (AMP): Free Stock Analysis Report SEI Investments Company (SEIC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research