26th Jan 2016 07:39
LONDON (Alliance News) - Intermediate Capital Group PLC on Tuesday reported an increase in assets under management over the course of the third quarter, and said the volatile start to 2016 for financial markets does not take away from the favourable outlook for alternative investments in the long term.
Third party assets under management increased to EUR18.94 billion at the end of 2015, from EUR17.82 billion three months earlier, as new third-party money raised amounted to EUR1.4 billion and realisations added up to EUR381.0 million. There was a positive contribution of EUR63.09 million from foreign exchange and other items.
Third-party fee earning assets under management increased to EUR15.36 billion on December 31, versus EUR14.43 billion on September 30.
"We had final closes on our North America Private Debt Fund and our Senior Debt Partners II strategy, both above their target sizes, and our domestic Japanese Mezzanine Fund, demonstrating the success of our organic product expansion. This has been supplemented further by the recent acquisition of the Graphite Enterprise Trust management contract, adding a private equity funds investment business to our portfolio," Chief Executive Christophe Evain said in a statement.
"Despite the prevailing heightened market volatility, the long term market conditions remain favourable for alternative investments and we remain well positioned to deliver our strategic objectives and generate improving returns for our shareholders," Evain added.
By Samuel Agini; [email protected]; @samuelagini
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