22nd May 2018 11:11
LONDON (Alliance News) - Intermediate Capital Group PLC on Tuesday reported a 20% jump in assets under management for 2018 financial year, and said that all of its all funds are on course to meet, or exceed, applicable hurdle rates.
Total asset under management stood at EUR28.69 billion as at March 31, up from EUR23.83 billion a year ago, with EUR7.8 billion of new money raised. Third party fee earning AuM was up 12% in the 2018 financial year to EUR20.97 billion from EUR18.74 billion.
The asset manager also said that pretax profit for the year decreased on lower investment income. For the year to March-end, the company's pretax profit decreased to GBP199.1 million from GBP252.4 million in 2017, on a revenue of GBP600.0 million and GBP625.1 million, respectively.
Intermediate's fund management unit recorded 29% year-on-year growth in profit to GBP95.3 million. Profit at the investment unit dropped 42% to GBP103.8 million due to absence of exceptional capital gains and a hedging charge.
The company lifted its final dividend by 8% to 21.00 pence per share, giving a total payout of 30.00p, up 11%.
"These results are further evidence of our status as a leading specialist asset manager. Fundraising continues to be excellent as investors have trusted us with their funds due to our sustained investment outperformance. The strength of our fund management business allows the board to recommend an 11% increase in the full year dividend," Chairman Kevin Parry said.
Intermediate Capital shares were trading 3.4% higher Tuesday morning at 1,203.00p each.
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ICP.L