Pacific Current posts FUM growth in December quarter

The news: Asset manager Pacific Current Group has reported a lift in funds under management (FUM) for the December quarter, aided by market revaluations.

The numbers: FUM at December-end increased to $30 billion, from $28.3 billion at the end of the September quarter.

The asset manager said aggregate FUM increased 6.1% in Australian dollar terms, but USD-denominated fund managers saw FUM decrease by 5.9%, driven by asset realisations from maturing portfolios. FUM was up 7.3% for the one AUD-denominated fund manager — ROC Partners — primarily due to market revaluations.

The context: Pacific Current's acting chief executive Michael Clarke noted that fund raising for the company's boutiques weakened in the December quarter, though fund raising momentum in the second half of the financial year is expected to improve.