Intermediate Capital reports steady Q1 and rise in AUM

Intermediate Capital reports steady Q1 and rise in AUM

Asset management firm Intermediate Capital Group plc (LON: ICP) issued a steady but positive trading statement for the first quarter of the financial year, with growth in Assets Under Management and the Company expecting to exceed forecasts.

The Group said that total AUM was up 4% compared to 31 March 2019, with €2.1 billion of new money raised in Q1. Third party fee earning AUM was also up 5% at €31.0 billion compared to 31 arch.

The new money earned during the quarter also included €0.8 billion for our new Europe Mid-Market fund and €0.6 billion of segregated mandates raised for the Company’s Senior Debt Partners strategy.

Intermediate Capital also added that it had observed ‘disciplined deployment’ across its strategies, and stated that all funds were set to meet or exceed expectations.

Intermediate Capital comments

COmpany CEO, Benoit Durteste, said,

“The new financial year has started strongly. We have raised €2.1bn of new money across seven strategies. Our disciplined investment processes and outstanding fund performance, underpin our fundraising.”

“Our new Europe Mid-Market strategy – an offshoot of our successful European Corporate fund strategy – has attracted significant inflows, demonstrating our ability to identify attractive new, adjacent strategies for our clients. We are making good progress with our two other newer strategies, Infrastructure Equity and Sale & Leaseback, and remain alert to the growth opportunities that will come from expanding our more mature strategies.”

Investor notes

Following the update, the Company’s shares have rallied 0.64% or 9.00p to 1,421.00p a share 25/07/19 11:09 BST. Shore Capital analysts reiterated their ‘Hold’ stance on Intermediate Capital stock.

Elsewhere in asset and investment management, there have been updates from; Highcroft Investments plc (LON: HCFT), City of London Investment Group PLC (LON: CLIG), Miton Group PLC (LON: MGR) and Walker Crips Group plc (LON: WCW).