GQG profit rises as funds under management jump

The news: GQG Partners has lifted its half-year income after tax by 2.6% to USD128.6 million ($201.5 million) on the back of increased funds under management (FUM).

The numbers: GQG's net revenue was up 6.5% compared to the same half last year at USD237.1 million, as average FUM grew 4.7% to USD95.2 billion. Total operating expenses were up more 25% compared to the same half in 2022, attributed to a staffing increase and higher admin costs. GQG shares were down 3.64% to $1.52 at 2:15pm AEST.

The context: GQG, a Florida-headquartered, ASX-listed fund manager is currently in a bidding war with Regal Partners for Australian asset manager Pacific Current Group, according to the Australian Financial Review.