FTSE 250 asset manager ICG’s shares jump seven per cent as profits grow
FTSE 250-listed Intermediate Capital Group’s (ICG) share price soared more than seven per cent this afternoon after the firm reported rising assets under management (AUM).
Total AUM were up two per cent to €22bn (£19bn), with €1.4bn of new money raised, while pre-tax profit came in at £126.2m for the six months to 30 September – up from £93.9m the year before.
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The alternative asset manager highlighted its fund management company profits – £34m, up 17 per cent year-on-year – as the key indicator of its performance.
ICG’s share price rose more than seven per cent to 679p by early afternoon on Tuesday. However, shares are still below the 700p level that they had reached on 23 June, the day of the EU referendum.
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Despite the fall, chief executive Christophe Evain has made clear the Brexit vote does not negatively affect ICG.
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“It doesn’t have an impact on our fundraising capability,” he told City PM today. “We have seen no slowdown in the pace of investing. A bit less M&A activity in the UK and a bit more in continental Europe, which is to be expected.”
Evain also said he expects the company to benefit from the reduction of the value of the pound versus the dollar and euro, “which over time will be positive for us in terms of profits”.