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
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
Research by Morningstar has found fixed income funds are bucking a general trend around managed fund fee dispersion with a smaller fee dispersion compared to equity ones.
As investors seek to diversify their portfolios, the naming of bond labels has broadened out to include green, social and impact bonds, according to the annual RIAA report.
