Pacific Current FUM dips in September quarter

The news: Asset manager Pacific Current Group has reported a drop in funds under management (FUM) on the back of market performance and revaluations.

The numbers: FUM at September end decreased to $41.5 billion, from $42.5 billion at the end of the June quarter.

The context: The asset manager said aggregate FUM was down 2.2% in Australian dollar terms, but USD-denominated fund managers saw FUM increase by 1.4% driven by market performance. FUM was down 1.4% for the one AUD-denominated fund manager — ROC Partners — due to reductions from distributions and market revaluations.

Acting chief executive Michael Clarke said its partner boutique managers delivered a sound fund raising result in the September quarter, resulting in a solid start to the new financial year.