GQG Partners shares slide despite FUM growth
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More news: Shares in GQG Partners tumbled on the ASX after the investment management company reported a 49.5% rise in funds under management year over year.
GQG shares fell 2.6% to $2.78 by 11:50am AEST, having added 85% over the past 12 months in line with the company's extended funds growth.
However, GQG's NPAT of US$201.2 million ($303.64 million) fell short of UBS estimates of $212.9 million.
GQG Partners posts 50% FUM rise during first half
The news: Investment boutique GQG Partners reported first-half funds under management (FUM) of USD155.6 billion ($235.37 billion), a 49.5% rise year on year.
The numbers: The ASX-listed investment manager said FUM growth during the first months of the year was fuelled by net inflows of USD11.1 billion and gains in the global equity markets.
Net revenue increased 53.1% year on year from USD237.1 million to USD363.1 million.
GQG declared a quarterly interim dividend of 3.35 US cents a share.
The context: The investment management company said that each of its flagship strategies has outperformed its benchmark in every rolling five-year period since inception.
GQG, which is headquartered in Fort Lauderdale with offices in London and Sydney, said its new office in Abu Dhabi is now "operational", having announced the plans in November last year.
What they said: "This is a strong result, better than the expectations we have had for the business over the past several years," said GQG's CEO Tim Carver.
"Each strategy has also exhibited lower volatility than its benchmark and its peers," he said. "This is a remarkable achievement by our investment team, in my opinion, and a key consideration for why clients choose to invest with us, and keep their money with us, even when we have less compelling short-term performance."
The source: ASX announcement
