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ICG PLC on Tuesday said European asset manager Amundi SA will take a near 10% stake in the firm as it reported better-than-expected half-year results. In response, shares in the London-based private equity investment firm rose 9.6% to 2,070.00 pence each. It was the largest riser on the FTSE 100 which was down 0.9%. ICG said pretax profit leapt 77% to £351.6 million in the six months to September 30 from £198.4 million the year prior. Pretax profit at ICG’s Fund Management Co rose 65% to £324.6 million from £196.4 million which Panmure Liberum said was ahead of £263 million consensus. Earnings per share jumped 78% to 102.8 pence from 57.6p. Management fee income rose 16% to £333.6 million from £286.6 4 million. Assets under management increased 14% to $124.3 billion from $106.3 billion. The dividend was increased by 5.3% to 27.7p from 26.3p. Fundraising of $9 billion was driven by European IX and European Infrastructure II, ICG said, beating $5.4 billion consensus. ICG reiterated medium-term guidance, raised in October, for fundraising of at least $55 billion between April 2024 and March 2028, a fund management charge margin in excess of 54%, and performance fees to represent around 10% to 20% of total fee income. ‘Looking ahead, transaction pipelines appear to be encouraging for many of our investment teams, and discipline remains crucial in the face of a very uncertain environment. It is clear to me that a long-term focus balancing investment performance with growing AUM is key to generating sustainable value as we navigate this fast-moving environment,’ said Chief Executive Benoit Durteste. In addition, ICG announced European asset manager Amundi SA will take a 9.9% stake in ICG as part of a long-term strategic partnership. Founded in 2010, Amundi is the result of the merger between the asset management activities of Credit Agricole SA and Societe Generale SA. Amundi currently has €70 billion in assets under management in its private markets platform, which has been primarily built around real estate and multi-management activities, strengthened in 2024 by the acquisition of Alpha Associates. The 10-year agreement will see Amundi become the exclusive global distributor in the wealth channel for ICG’s evergreen and certain other products, with ICG being Amundi’s exclusive provider for those products to Amundi’s distribution business. The two firms will jointly develop new products specifically targeted at wealth investors. Amundi will acquire a 9.9% economic stake in ICG and become a ‘strategic shareholder’ in a manner that is ‘non-dilutive to existing ICG’s shareholders and anchoring the long-term partnership.’ Amundi will nominate a non-executive director to ICG’s board. ‘The combination of ICG’s investment expertise and entrepreneurial mindset with Amundi’s structuring capability and extensive distribution network creates a differentiated partnership with substantial potential, and materially accelerates our ability to access and shape the evolving wealth channels for private markets,’ ICG CEO Durteste added. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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