21st Jul 2016 07:32
LONDON (Alliance News) - Specialist money manager Intermediate Capital Group PLC on Thursday said it remains confident on its outlook after solid trading in the first quarter.
The FTSE 250-listed company, which focuses on private debt, credit and equity investments, said new third-party money raised in the first quarter to the end of June hit EUR800 million, in line with its expectations.
Assets under management grew 1.0% to EUR21.9 billion, compared to the end of March, with third-party fee-earning assets under management up 2.0% to EUR16.1 billion.
Intermediate Capital said the long-term fundamentals in its markets remain robust following the UK's EU referendum outcome, though it said investment and realisation pace may slow as UK merger and acquisition activity softens in the short term.
"I am pleased to report that we have continued to build on our strong full year performance in the first quarter of the new financial year. ICG now has a more diversified business than at any point in our history. As such, we are well placed to deal with the uncertainty caused by the UK's vote to leave the European Union," said Chief Executive Christophe Evain.
Shares in the company were up 0.8% to 576.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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