GQG funds shrink US$1.9 billion in October, market unfazed
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The news: Florida-headquartered fund manager GQG has posted its first monthly net outflows for 2023, waving goodbye to USD1.9 billion ($2.9 billion) in funds under management in October.
The numbers: GQG's FUM fell from USD105.8 billion to USD103.9 billion in its latest update, but remains ahead in 2023 after capturing net inflows of USD8.5 billion in the previous 10 months. GQG shares slid early in the session, but were trading flat at $1.375 at 10:20am AEDT.
The context: GQG recently lobbed a takeover offer for boutique fund manager Pacific Current, according to the AFR, outlasting rival bidder Regal Partners but ultimately being blocked by River Capital, Pacific's biggest shareholder.
The sources: ASX Announcement, AFR
