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BRIEF-Intermediate Capital FY assets up 10 pct to 23.8 bln euros
May 25, 2017 / 6:20 AM / in 7 months

BRIEF-Intermediate Capital FY assets up 10 pct to 23.8 bln euros

May 25 (Reuters) - Intermediate Capital Group Plc

* Total aum up 10 pct to eur 23.8bn, with eur 4.0bn of new money raised; third party fee earning aum up 19 pct to eur 18.7bn

* Fundraising pipeline healthy with a number of our larger strategies expected to be raising successor funds in new financial year

* Fund investment is on track whilst maintaining investment discipline in a competitive market

* Fund management company profits up 21 pct to 74 mln stg (2016: 61.2 mln stg), with third party fee income up 27 pct

* Investment company profits higher at 178.4 mln stg (2016: 97.6mln stg)

* Group profit before tax of 252.4mln stg (2016: 158.8mln stg); adjusted group profit before tax was 237.5mln stg (2016: 175.6mln stg)

* Final ordinary dividend up 23 pct to 19.5 pence per share and new dividend policy announced

* Bond yields remain low, thereby impacting returns of traditional asset classes

* Macroeconomic uncertainty, including but not limited to UK’s decision to leave EU, may prolong and enhance positive trend in favour of alternative asset classes

* Current fundraising environment is attracting new entrants into alternative asset management market.

* We have a eur 4bn per annum rolling fundraising target

* We anticipate that financial year 2018 will meet or exceed long term fundraising target Source text for Eikon: Further company coverage:

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