24th May 2016 07:27
LONDON (Alliance News) - Intermediate Capital Group PLC, the specialist money manager focused on private debt, credit and equity, on Tuesday said its assets under management rose by 20% in its most recently ended financial year.
Assets under management amounted to EUR21.58 billion as of March 31, up from EUR18.01 billion a year earlier.
The increase in AUM was driven by "strong" fundraising across ICG's European funds, the company said, as well as the raising of two US collateralised loan obligations and the acquisition of the management contract of Graphite Enterprise Trust.
Full-year pretax profit fell to GBP158.8 million from GBP178.5 million, with ICG citing a change in market value of derivatives held for hedging purposes.
ICG proposed a GBP200 million special dividend to be paid in July 2016, equivalent to 63.4 pence per share, and expects no further special dividends after that payment.
The company increased its ordinary dividend for the year as a whole to 23.0p per share from 22.0p, in addition to the GBP300 million special dividend paid in July 2015.
"ICG now has a more diversified business than at any point in our history. The market environment continues to support our strategies; with strong demand from investors for diversified sources of higher yield and attractive investment opportunities for our funds and the development of new strategies. Many of our new strategies will take time to develop; however, we are confident that we have invested the appropriate resources to drive further growth and increase the diversity and long term profitability of our fund management business," Chief Executive Officer Christophe Evain said in a statement.
Shares in ICG were down 1.2% at 663.00p on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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