GQG shares rise after full-year result beats forecasts
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More news: Shares in GQG Partners climbed in morning trade after the fund manager edged out market estimates for the 2024 calendar year.
GQG shares were up 3.4% to $2.45 at 11am AEDT. The stock has rallied since mid-January after plunging in December when it outlined outflows of $200 million in the wake of US government bribery charges against its key portfolio holding Adani Group.
Full-year earnings per share of $14.50 was 1% ahead of consensus estimates. Jarden analysts called it a "robust result" supported by higher fee margins coupled with cost management.
GQG grows FUM by 27%, hikes dividend
The news: Investment manager GQG Partners reported a 27% rise in funds under management (FUM) for the 2024 calendar year, with net inflows reaching USD20.2 billion ($32 billion).
The numbers: GQG grew FUM from USD120.6 billion in 2023 to USD153 billion in 2024. Average FUM rose 45.4% to USD148.2 billion.
Net revenue climbed 46.9% year on year to USD760.4 million. GQG declared a dividend of 13.67 US cents per share, up 50.2% from 9.10 US cents a year earlier.
The context: GQG's reported its 2024 result having this week posted a further 4.8% growth in FUM for January, taking its total to USD160.4 billion.
It followed a hefty selloff in the company's shares at the end of November after US prosecutors charged the chair of Adani Group over an alleged USD250 million bribe. GQG became one of the biggest investors in Adani Group companies in 2023.
The source: ASX announcement
