GQG shares FUM update ahead of FY results
GQG Partners has reported a small rise in funds under management (FUM) in July, ahead of its full-year results later this month.
In its latest monthly FUM update, the firm said total FUM was US$156.3 billion at the end of July, up from US$155.6 billion at the end of June.
This rise of 0.4 per cent is a far smaller rise than the 3.6 per cent reported between May and June.
The firm said it had seen net inflows for the calendar year to date of US$13.9 billion.
The FUM was divided between US$60.7 billion in international equity, US$38.8 billion in global equity, US$43.2 billion in emerging market equity, and US$13.6 billion in US equity.
The largest percentage increase in FUM was seen in US equity which rose 1.4 per cent from US$13.4 billion to US$13.6 billion, followed by international equity which rose by 0.9 per cent from US$60.1 billion to US$60.7 billion.
The firm, which is headquartered in the US, is due to report its FY24 financial results on 16 August.
GQG Partners has seen the strongest growth in FUM of listed asset managers during the financial year, rising from US$104.1 billion at the start of July 2023 to US$155.6 billion at the end of June 2024, representing growth of 49.4 per cent.
The firm has attributed this to positive flows in its wholesale and subadvisory channels which offset institutional redemptions.
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
BlackRock, in collaboration with iCapital and GeoWealth, has unveiled a model portfolio that delivers access to both private and public market assets in a single account, following adviser demand.
Magellan has confirmed the new leadership of its active infrastructure ETF once head of investment, Gerald Stack, exits in July.
Vanguard has indicated it is actively trying to meet the demand for international ETFs with its next ETF launches sitting in this space.
Dubious marketing strategies involving financial advisers are among reasons that research house SQM Research has put the private credit space on alert.
