EM strategy weighs on GQG assets
GQG Partners has seen funds under management fall to US$89.8 billion as the firm updates on its exposure to Russian assets.
In an announcement to the Australian Securities Exchange, the firm said funds under management were US$89.8 billion ($121.3 billion) in February. This was down from US$91.3 billion in January.
However, this was mostly due to negative market performance, which caused a loss of US$3.1 billion, and the firm said it saw positive net inflows of US$1.6 billion during the month.
FUM was divided between US$31.8 billion in international equity, US$27.6 billion in global equity, US$24.6 billion in emerging markets equity and US$5.8 billion in US equity.
The largest change came in the emerging market equity space which lost US$0.9 billion and was the only strategy that failed to outperform during the month. Over one month to 28 February, the fund lost 6.7% compared to losses by the MSCI Emerging Market index of 2.9%.
In light of the Russia/Ukraine war, the firm said it had “very limited direct exposure” to Russia.
“In the accounts where we have responsibility for valuation, our exposure to Russia is 0.07% in emerging markets, 0.03% in international and 0.01% in global (using a representative account as an example). Our exposure is generally similar for accounts where another party is responsible for valuation.”
AUTHOR
Laura Dew
Recommended for you
BlackRock has taken a $25 million stake in Generation Development Group as the two firms announce a strategic alliance to design and distribute tailored retirement solutions.
The global asset manager is launching its second alternatives fund for Australian wealth clients, focusing on private equity investment opportunities.
Trading platform Selfwealth has officially delisted from the ASX, marking the final step of Svava’s acquisition plans as it implements a scheme of arrangement.
US alternative credit manager Apollo Global Management is viewing Australia as a “priority market”, as it launches a fund for Australian wholesale investors with Channel Capital.
