GQG shares rise on strong full-year results
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More news: Shares in GQG partners were up more than 7% to $2.28 at 11:00am AEDT.
The fund manager released its full-year results before the market opened on Thursday, reporting net inflows of US$10 billion ($15.33 billion) which lifted funds under management 37% year-on-year to US$120.6 billion.
GQG grows FUM by 37%, hikes dividend
The news: Investment boutique GQG Partners boosted its funds under management (FUM) by 37% in the year to December 2023, and upped its quarterly dividend to 2.6 cents per share.
The numbers: The ASX-listed investment manager reported full-year net inflows of USD10 billion ($15.33 billion), pushing its FUM to USD120.6 billion from USD88 billion the year prior.
Net revenue grew 18.5% to USD517.6 million compared to FY23, with net operating income up 15.7% to USD384.4 million.
GQG also declared a quarterly dividend of 2.6 cents per share, a 17.3% uplift on Q4 2022.
The context: The full-year results come after GQG declared FUM reached a record high in 2023 last month.
The investment management company, headquartered in Fort Lauderdale with offices in London and Sydney, said that its "very attractive" fees relative to its competitors make it less likely to face margin pressure.
In addition, GQG said that 96% of revenue in 2023 were derived from asset-based fees, which it expects to be more stable in periods of market volatility.
In November 2023, GQG announced its intention to establish a new office in Abu Dhabi to attract a wider pool of global talent.
What they said: GQG's CEO Tim Carver said: “Our financial result is driven in large part by our investment performance over the long-term. As at the end of December 2023, our strategies continued to provide solid long-term performance as compared to their benchmarks, as detailed in the table below, which we believe provides the underpinnings for continued business success".
The source: ASX announcement
