LONDON (dpa-AFX) - Specialist asset manager Intermediate Capital Group plc (ICP.L) reported that its profit before tax for the year ended 31 March 2018 declined to 199.1 million pounds from 252.4 million pounds in the prior year.
Profit attributable to equity holders of the parent rose to 251.0 million pounds or 88.8 pence per share from 217.8 million pounds or 74.5 pence in the prior year.
Total revenue for the year dropped to 600.0 million pounds from last year's 625.1 million pounds last year.
Total assets under management or AUM was up 20% to 28.7 billion euros, with 7.8 billion euros of new money raised, driven by Senior Debt Partners strategy raising 4.2 billion euros and growing momentum across European capital markets strategies.
Third party fee earning AUM was up 12% in the year to 21.0 billion euros.
The company said, 'we have made an excellent start to the new fundraising year, including €2.6bn for Europe Fund VII. Europe Fund VII is on track to be significantly larger than its predecessor fund, and illustrates that where the opportunity arises we will seek to scale proven strategies to further differentiate our offering from other asset managers.'
Copyright RTT News/dpa-AFX