(Adds comment and details on outlook)
July 21 (Reuters) - British asset manager Intermediate Capital Group on Tuesday said its portfolios are showing signs of improved performance, indicating a recovery of valuations from their March-end lows as coronavirus restrictions ease.
“We have also seen an early rebound in investment activity as lockdown measures have eased and business activity resumes. This bodes well for next year’s fundraising prospects,” the company said in a trading update.
The asset manager said it has made an encouraging start to the fundraising year, with 1.2 billion euros ($1.37 billion) of new money raised despite the longer onboarding process in place since the start of the COVID-19 pandemic.
However, the British firm still expects fundraising to be slower in the current financial year given the disruption caused by the pandemic.
London-listed ICG reported a modest 1% rise in assets under management (AUM) to 45.6 billion euros over the past three months ended June 30, with third-party fee earning AUM 1.4% higher at 36.4 billion euros over the same period.
$1 = 0.8740 euros Reporting by Aby Jose Koilparambil and Muvija M in Bengaluru, Editing by Sherry Jacob-Phillips