LONDON (dpa-AFX) - Intermediate Capital Group plc (ICP.L) reported that its total assets under management or AUM rose 5 percent over the three months to 31 December 2018 to 35.2 billion euros, including its 2.4 billion euros balance sheet investment portfolio. Third party fee earning AUM increased 7 percent to 27.9 billion euros.
The company noted that fund deployment remained strong across strategies, adding that all funds are on course to meet or exceed their return hurdle rates. Recent capital markets volatility has not impacted valuations and fund performance remains strong, the company added.
Benoit Durteste, CEO of Intermediate Capital or ICG, said, 'Strong investment performance, underpinned by steady demand for alternative asset classes, continues to drive positive inflows, despite the challenging macro-economic environment.'
Inflows in the third quarter were 1.9 billion euros, of which 1.0 billion euros has been raised across the company's capital markets funds and 0.5 billion raised for Strategic Equity III. Year to date inflows amounted to 8.0 billion euros.
Following a competitive tender process led by the Audit Committee, ICG said it intends to propose the appointment of Ernst & Young LLP as its external auditor for the financial year ending 31 March 2021. A resolution to approve their appointment will be proposed to shareholders at the Company's AGM in July 2020.
The company's board expects Deloitte LLP will remain the Group's auditors until the year ending 31 March 2020. To facilitate an orderly transition, Ernst & Young LLP will also observe the fiscal 2020 audit.
Copyright RTT News/dpa-AFX