Business
Trading Statement for Q3 for the period to 31 D...
Trading Statement for Q3 for the period to 31 D....
About this update from Icg Plc
[{"type":"text","content":"\n Trading Statement for Q3 for the period to 31 December 2017HighlightsInflows in the third quarter were €0.6bn and in line with expectations following the record levels of inflows in the first half of the financial year. Year to date inflows amount to €6.3bn Total AUM 1% higher at €27.4bn and third party fee earning AUM 7% higher at €19.9bn Strong fund deployment for our larger strategies maintained; Fund portfolios continue to perform well Strategic momentum supports the fundraising target being increased from an average of €4.0bn to €6.0bn per annum on a three year rolling basis, and the fund management company operating margin target being increased from above 40% to above 43%Commenting, Benoit Durteste, CEO, said:\"I am delighted that the ongoing success of building specialist asset management strategies and the strength of our client relationships allow us to increase our fundraising target and fund management company operating margin target. Our 28 year track record has enabled us to capitalise on the long term investor trend towards alternative asset classes and establish ourselves as a leading specialist asset manager to institutional clients. \"ICG's third quarter trading is in line with our expectations. Total assets under management grew further in the third quarter to €27.4bn. Capital deployment for our larger strategies remains ahead of plan giving us good visibility of strong fundraising momentum through the next 12 months.\"Strategic updateIt remains our strategy and operational focus to grow our specialist asset management franchise. We will do this by growing our existing strategies whilst at the same time continuing to innovate and pioneer new strategies that increase diversification by asset class and geography. With 95% of our AUM in closed end funds, our inflows are strongly dependent on the funds that are currently being marketed in any particular year resulting in fluctuating inflows year on year. This characteristic is more than offset by the benefit of 'locked in' investor commitments and related fee streams. The growth of our specialist asset management franchise has resulted in an increase in the number and size of strategies since our original fundraising target of €4bn per annum was set. We have therefore decided to increase our target to an average of €6.0bn per annum over a rollin...