15th Nov 2016 07:57
LONDON (Alliance News) - Asset manager Intermediate Capital Group PLC said Tuesday it received strong inflows of new money to funds in the first half of its financial year, and it is preparing to implement a progressive dividend policy.
FTSE 250-listed Intermediate Capital reported a pretax profit for the six months to September 30 of GBP126.2 million, increased from GBP93.9 million the year before. The company said the rise was driven by a strong period of capital gains.
The company declared an interim dividend of 7.5 pence per share, hiked from 7.2p in 2015, and the company said that following a series of special dividends, it has started a review to determine a progressive dividend policy.
Intermediate Capital's total assets under management at the end of the first half of its financial year stood at GBP22.0 billion, up 2.0% over the period. GBP1.4 billion in new money came to the funds, which the company said was in-line with its expectations and driven by its real estate fund, ICG Longbow Fund IV, reaching its maximum GBP1.0 billion size.
The company said it expects the current pace of fundraising to continue for the remainder of the financial year, with money being raised for newer fund strategies.
"ICG now has a more diversified business than at any point in our history. As such, we are well placed to manage, and indeed take advantage of opportunities arising from the attractiveness of the alternative asset market, as well as the uncertainties arising from the UK's vote to leave the EU," said ICG.
"We have a long established, substantial presence in Europe operating through existing subsidiaries and will maintain multiple options for new fund licences to ensure access to EU and non EU clients. However, we do not anticipate the need for any significant organisational change and have no intention of moving our UK operations," added the company.
By Adam Clark; [email protected]
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