Assets under management edge higher at ICG

Intermediate Capital Group saw assets under management nudge higher in the third quarter, the UK asset manager said on Thursday.

The firm, which joined the FTSE 100 last year, said total assets under management rose 2% in the three months to 31 December, to €47.2bn.

ICG said the increase was driven by third-party AUM, with €2.0bn raised during the quarter. Total fundraising in the year-to-date now stands at €4.6bn, with third-party AUM at €44.5bn.

The firm added that its fundraising pipeline, including for its Europe Fund VIII, "remains on track".

Benoit Durteste, chief executive, said: "We maintained very positive momentum in our business through our third quarter, raising significant third party AUM and deploying a substantial amount of capital across all our strategic asset classes.

"Looking forward, we are well positioned to continue this trajectory. Our deployment rate and the performance of our funds through 2020 gives us confidence in our fundraising pipeline, and we are experiencing strong demand for our strategies.

"While remaining alert to the current macro uncertainty, I am encouraged by the momentum I see across the business and I am looking forward to ICG continuing to deliver significant long-term growth and shareholder value."

ICG is scheduled to announce full-year results on 8 June.