Intermediate Capital Group posts higher-than-expected total Q1 AuM
raised more funds than expected at the start of its fiscal year amid "elevated" transaction activity.
During the quarter ending in June, assets under management at the alternative asset manager rose by 23.7% year-on-year to reach $101bn (consensus: $97.82bn).
But of that amount only $70bn were fee-earning (consensus: $71.69bn) following 10% growth in annual terms.
The firm raised $4.7bn of new funds during the quarter (consensus: $3.44bn), including $2.1bn for its Senior Debt fund and another $1.4bn for the Strategic Equity V fund.
Analysts at UBS had anticipated $0.5bn in monies raised for each of those funds.
Intermediate Capital deployed $3.9bn of funds during the period and achieved realisations of $2.5bn, against $1.0bn and $0.6bn one year before, respectively.
The firm's expectations were unchanged from at the time of its full-year results presentation.
As of 1242 BST, shares in Intermediate Capital were slipping by 1.34% to 2,208.0p.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.