From Yahoo Finance: 2024-05-28 08:10:28

Intermediate Capital, a company that recently joined the FTSE 100, reported a pretax profit surge of 132% to £597.8m, with assets under management reaching $98bn. Its fee-earning AuM increased by 11% to $70bn, while management fees hit a record £505m, up 5% from the previous year.

The firm’s fund management pretax profit jumped 21% to £375m, marking the 10th consecutive year of growth. Intermediate Capital raised its total ordinary dividend to 79p, up 12% in the last five years. Its shares are up 40% this year, making it one of the FTSE 100’s best-performing stocks.

Intermediate Capital revised its medium-term guidance, aiming for at least $55bn in fundraising between 2024 and 2028. The company also targets an operating margin exceeding 52% for its fund management sector, with performance fees contributing 10-15% of total fee income.

CEO Benoit Durteste highlighted the company’s globally relevant strategies and successful fundraising efforts. He emphasized the importance of adapting to market needs, especially in credit, structured transactions, and liquidity solutions. Durteste stated that their scaling strategy is driving growth for future success.



Read more at Yahoo Finance: Shares hit all-time high as asset manager’s profit more than doubles