Business
Interim Management Statement
Interim Management Statement.
About this update from Icg Plc
RNS Number : 0460N Intermediate Capital Group PLC 23 July 2014 Wednesday 23 July 2014 Intermediate Capital Group plc (ICG) Interim Management Statement for the period to 22 July 2014 Highlights · Strong fundraising start to the year with a first close of the US Debt Fund, final close on Senior Debt Partners and three new mandates into the ICG Longbow Senior Debt strategy. Momentum continues into the second quarter · New third party money raised in the quarter to 30 June 2014 totalled €1.0bn, offset by €0.7bn of realisations in older funds · AUM increased by 2% to €13.3bn as at 30 June 2014 · Investment pace for direct investment funds sustained in competitive market and solid pipeline of investment opportunities · Focus on improving return on equity continues with £100m share buyback underway Grow assets under management We have had a strong fundraising start to the year with €1.0bn of new third party money raised in the quarter to 30 June 2014. The strong level of realisations has continued crystallising further value for our fund investors and balance sheet. Assets under management have increased 2% since the end of March 2014 to €13.3bn at 30 June 2014. The third party AUM bridge is as follows: Mezzanine and equity Funds €m Real estate Funds €m Credit Funds €m Total Third Party AUM €m Total Third Party Fee Earning AUM €m At 1 April 2014 3,678 1,274 5,717 10,669 8,812 Additions 193 307 455 955 Realisations (308) (31) (323) (662) FX and other (13) 58 - 45 At 30 June 2014 3,550 1,608 5,849 11,007 8,874 We are delighted that our US Private Debt Fund has had a first close of $450m in the period, including $200m from ICG. A further close is expected shortly and fees will be charged on an invested capital basis. Elsewhere we had a final close on our €1.7bn Senior Debt Partners strategy, raising a further €455m in the period, and our ICG Longbow Senior Debt Fund raised a further €307m across three mandates, taking the Fund size to €500m. Fundraising momentum continues across our product range. Last week we priced our second US CLO (Collateralised Loan Obligation) of $417m, including $21m from ICG. We also expect the next few weeks t...