LONDON (Bloomberg) — Bermuda-based Invesco Ltd., manager of Aim and PowerShares funds, said third-quarter earnings fell 21 percent as global equity markets declined the most in six years and investors pulled money from their accounts.

Net income declined to $131.8 million, or 33 cents a share, from $167 million, or 41 cents, a year earlier, the Atlanta-headquartered company said in a statement yesterday. Invesco matched the 33-cent average of 12 analysts' estimates compiled by Bloomberg. Revenue dropped 14 percent to $722.4 million.

Publicly traded asset managers have reported lower profits and started firing workers as investors flee a global bear market. Clients pulled $3 billion from Invesco's long-term funds during the quarter and $8 billion from money-market accounts.

"Earnings expectations need to be reset considerably lower given what's going in the markets in October," said Michael Kim, an analyst at Sandler O'Neill & Partners LP in New York, in an interview. Kim, who suggests investors buy Invesco shares and doesn't own any, had estimated the company would earn 33 cents.

Invesco shares have slumped 58 percent this year, compared with the 47 percent decline of the S&P's index of 16 money managers and custody banks.

Invesco's assets dropped 11 percent in the quarter to $409.6 billion, mirroring declines at BlackRock Inc. in New York and San Mateo, California-based Franklin Resources Inc. Invesco said market losses cut assets under management by $29.6 billion.