30th Jan 2020 10:55
(Alliance News) - Intermediate Capital Group PLC on Thursday said assets under management grew in its third quarter and all of its funds are on track in terms of performance.
The asset manager said its total assets under management on December 31 totalled EUR42.6 billion, 3.6% higher than the EUR41.1 billion September 30 figure.
During the period, Intermediate Capital raised EUR400 million for its strategic equity strategy, with third party fee earning assets under management totalling EUR34.58 billion, a 5.1% rise from EUR32.89 billion at the end of September.
Overall, the company said all of its funds are on track "to meet or exceed performance hurdle rates".
Chief Executive Benoit Durteste said: "Demand for ICG's strategies remains high given both our strong investment performance and continued underlying demand for alternative assets. The third vintage of our strategic equity strategy has benefited from this demand, closing with significantly higher [assets under management] and higher average fee rates than the previous vintage. It is also pleasing to see continued strong flows into our open-ended capital market funds.
"Our strategy remains focused on delivering superior performance for clients across a broad range of proven investment strategies, while also building our capabilities in newer segments to provide further diversification. These capabilities will help us as we grow, ensuring we have the expertise to not only find the most attractive investment opportunities but also to realise assets within our portfolio, lock in performance and return capital to investors. I am also delighted that our progress on [environmental, social and governance] matters has been recognised with an upgrade of our CDP filing score to an A-."
Shares in Intermediate Capital were up 0.6% at 1,731.00 pence in London on Thursday morning.
By Anna Farley; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
ICP.L