- Oops!Something went wrong.Please try again later.
(Reuters) - Britain's Intermediate Capital Group on Tuesday reported a 28% jump in third-party assets under management (AUM) to $65.3 billon at the end of the half year, as speedy vaccine rollouts and easing of COVID-19 curbs lifted investor sentiment.
Asset managers such as ICG, Hargreaves and Schroders have benefited from the economy recovering at a faster pace than anticipated as stimulus measures, low interest rates and vaccination drives helped the industry.
London-listed ICG – which manages assets in private debt, credit and equity, principally in closed-end funds – reported fundraising of $13.8 billion in its interim results.
"Fundraising has been remarkable; we have raised more in six months than in any full year in the history of ICG," Chief Executive Officer Benoit Durteste said in a statement, adding that the firm's first-half performance had exceeded their expectations.
Peer Ninety One on Tuesday also posted an increase in AUM. That figure stood at 140 billion pounds ($188.26 billion) at the end of the six months to September, compared with 119 billion pounds as reported a year earlier, the company said.
ICG's half yearly pretax profit rose 35% to 266.4 million pounds for the six months ended Sept. 30 from 197.8 million pounds a year earlier.
This story corrects pretax profit number to 266.4 million stg, not 120.9 million stg, in paragraph 6.
(Reporting by Sinchita Mitra and Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber)