Intermediate Capital Managed Assets Up; Working On Returns

LONDON (Alliance News) - Intermediate Capital Group PLC Wednesday reported an 8% increase in total assets under management over the course of the third quarter, as new third party money raised more than realisations, while it also said it is working on improving returns and taking action on its balance sheet.

In a statement, the specialist asset manager said that assets under management increased to EUR14.9 billion at the end of 2014. The group said that EUR1.36 billion of new third party money was raised in the quarter, while the level of realisations slowed to about EUR230 million. Total third party assets under management rose to EUR12.53 billion from EUR11.36 billion over the quarter.

Intermediate Capital said that fundraising in the quarter was dominated by its newly established strategies, while it expects a "full product pipeline" to results in "very strong" fundraising over the coming months.

In addition, the group said it has returned GBP69 million to shareholders through its ongoing GBP100 million share buyback programme, which it expects to complete ahead of its full-year results.

"Work is ongoing to improve our return on equity and re-gear the balance sheet and, as previously communicated, we will update the market on the actions being taken with the full year results," Intermediate Capital said.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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