GQG Partners shares rally despite FUM dip
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More news: Shares in GQG Partners rallied on the ASX despite the investment manager posting its first fall in FUM in five months.
GQG shares were up 4.62% to $2.72 by 12:15pm AEDT, having more than doubled in value over the last 12 months.
Listed equity fund managers overall were enjoying gains as US equity markets jumped following the US election.
By afternoon trade Magellan Financial Group (4.18%), Pinnacle Investment Management (2.74%), HMC Capital (2.67%), Regal Partners (1.85%), Perpetual (0.98%) all rose while the wider financial sector fell 0.24%.
GQG Partners FUM lowers in October
The news: Investment manager GQG Partners posted lower funds under management (FUM) in October, with three of its four segments experiencing losses during the month.
The numbers: Total FUM was down USD2.2 billion ($3.35 billion), or 1.4% to USD159.4 billion by 31 October. Year-to-date net inflows at the end of July totalled USD20.3 billion.
International equity was down 1.9% to USD61.7 billion, global equity fell 0.8% to USD39.4 billion, and emerging markets equity lowered 3% to USD42.6 billion. US equity grew 4% to USD15.7 billion.
The context: The Florida-headquartered fund manager recorded its first monthly FUM decline since April, having posted five consecutive months of FUM growth since then.
The source: ASX announcement
