GQG Partners shares rally on January FUM growth
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More news: GQG Partners shares lifted in morning trade after the investment manager marked a return to growth in funds under management in January.
GQG shares were up 4.43% to $2.36 by 11:30am AEDT. The company's share price has mounted a recovery since mid-January, after the group outlined outflows of $200 million in December in the wake of US government bribery charges against its key portfolio holding Adani Group.
GQG Partners FUM climbs in January
The news: Investment manager GQG Partners posted improved funds under management (FUM) in January, with three of its four segments experiencing gains during the month.
The numbers: Total FUM grew USD7.4 billion ($11.8 billion), or 4.8% to USD160.4 billion by 31 January. The group reported net inflows of $1.7 billion for the month.
International equity was up 5.9% to USD60.6 billion, global equity grew 6.4% to USD41.3 billion, and US equity climbed 10.8% to USD18.5 billion. Emerging markets equity fell 0.7% to USD40 billion.
The context: The Florida-headquartered fund manager appeared to recover in January after reporting outflows of USD200 million in December.
It followed a hefty market sell-off 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
