Intermediate Capital reports assets under management growth in Q3
Source - SMW
Intermediate Capital reported total assets under management rose by 1% to €27.4bn in the third quarter.
The group said strategic momentum supported an increase in the fundraising target from an average of €4.0bn to €6.0bn per annum on a three year rolling basis while the fund management company operating margin target was increased from above 40% to above 43%.
'The growth of our specialist asset management franchise has resulted in an increase in the number and size of strategies since our original fundraising target of €4bn per annum was set, the company said. 'We have therefore decided to increase our target to an average of €6.0bn per annum over a rolling three year period.'
For the financial year 2019, the group said it has a strong fundraising pipeline that includes Europe Fund VII and North American Private Debt Fund II.
Benoit Durteste, CEO, Evain said: 'I am delighted that the ongoing success of building specialist asset management strategies and the strength of our client relationships allow us to increase our fundraising target and fund management company operating margin target.'
'Capital deployment for our larger strategies remains ahead of plan giving us good visibility of strong fundraising momentum through the next 12 months.'
At 8:38am: (LON:ICP) Intermediate Capital Group PLC share price was +20.5p at 1178.5p