28th Jan 2021 10:16
(Alliance News) - Intermediate Capital Group PLC on Thursday reported a rise in total funds over the third quarter, driven by growth in third-party assets under management.
Shares in the London-headquartered asset manager was down 3.0% in London on Thursday morning at 1,642.00 pence each.
Intermediate Capital ended 2020 with EUR47.20 billion in assets under management, up from EUR46.10 billion at September 30 - the end of the company's first half.
Third-party assets improved to EUR44.55 billion from EUR43.69 billion three months earlier.
"We maintained very positive momentum in our business through the third quarter, raising significant third-party assets under management and deploying a substantial amount of capital across all our strategic asset classes," Chief Executive Benoit Durteste said.
He continued: "Two of our flagship funds, Europe Fund VII and Strategic Equity III, were particularly active, and we were also pleased to see ongoing deployment in our more recently launched strategies such as Infrastructure Equity and Sale and Leaseback."
Over the final three months of 2020, the firm's third quarter, Corporate Investments funds rose to EUR21.92 billion from EUR21.35 billion. Capital Market Investments grew to EUR14.56 billion from EUR14.31 billion. Real Asset Investments dipped to EUR4.85 billion from EUR4.88 billion, and Secondary Investments rose to EUR3.22 billion from EUR3.14 billion.
Durteste said: "Looking forward, we are well positioned to continue this trajectory.
"Our deployment rate and the performance of our funds through 2020 gives us confidence in our fundraising pipeline, and we are experiencing strong client demand for our strategies. Our global platform and our funds' abilities to invest across the capital structure are strategic advantages to ICG, particularly at this point in the cycle, and we continue to invest in our capabilities to accelerate our future growth, most recently adding a Life Sciences team to enhance our capability in the Healthcare sector."
Intermediate Capital will publish its annual results on June 8.
By Paul McGowan; [email protected]
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