GQG Partners shares H1 FUM update
GQG Partners has shared its funds under management (FUM) at the end of June.
FUM at the end of June was US$155.6 billion ($230 billion), up from US$150.1 billion at the end of May.
During the quarter, the firm said it saw quarterly inflows of US$6.5 billion.
Flows since the start of 2024 are now sitting at US$11.1 billion compared to US$6.2 billion at the same period a year ago.
Breaking it down by specific asset classes, there was a 2 per cent rise in international equity, 4 per cent rise in global equity and emerging markets equity, and 7 per cent rise in US equity. International equity remains the largest asset class at US$60 billion followed by emerging markets equity at US$43 billion.
In a statement, the firm said: “We continue to see positive gross sales across channels and investment strategies. In the second quarter our institutional channel continued to see moderate redemption pressure from asset allocation and rebalancing changes. These headwinds from the institutional channel have been offset by acceleration in our wholesale and sub-advisory channels.
“We believe our strong risk-adjusted returns over the long term, in combination with our global, diversified distribution capabilities, position us well in the market. We anticipate continued positive new flows in 2024 with a solid pipeline of potential new FUM.”
Management fees, those that are a percentage of assets managed, comprised the vast majority of the firm’s net revenue.
Earlier this year, GQG made its first foray into private markets with the acquisition of minority interests in three US-based affiliates of Pacific Current Group: Avante Capital, Proterra Investment Partners and Cordillera Investment Partners.
These will form the basis of a new GQG Private Capital Solutions (PCS) division which will operate independently from the firm’s equity business.
PCS will be focused on providing a broad range of financing and strategic solutions to mid-market private capital asset management firms, including perpetual equity investments, structured financings, and distribution services across institutional and retail markets.
Following completion of the transaction, PAC chief executive Paul Greenwood and GQG managing director Mike Daley will co-lead the PCS business and investment team. As a result Greenwood will step down from his role as an independent director of GQG, and join PCS as a managing director and co-head.
Pacific Current has since appointed Michael Clarke as acting chief executive in Greenwood’s place.
AUTHOR
Laura Dew
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
