Regal boosts FUM in September quarter
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The news: Regal Partners raised its funds under management (FUM) during the September quarter, as the Phil King-led fund manager saw net client inflows and positive investment performance across a range of investment strategies.
The numbers: Regal's FUM rose to $17.2 billion during the quarter, a 41% increase compared to three months prior. It represented a 4% rise compared to the $16.5 billion of pro forma FUM at 30 June 2024, which included Regal's 100% acquisition of Merricks Capital and 40% stake in Argyle Group, both of which completed in July.
Net inflows over the three months totalled $400 million, bringing total net inflows for the first nine months of the 2024 calendar year to $1.2 billion.
Regal said positive investment performance contributed 4%, or $600 million, of the FUM growth for the quarter, reflecting favourable returns across a range of strategies, particularly across the long/short equities strategies, multi-strategy and credit funds.
Regal's share price edged 0.14% lower to $3.48 in early trading on the ASX but over the last 12 months has rocketed 55.8%.
The context: Regal said the increase, excluding acquisitions, was driven by a combination of continued net client inflows and positive investment performance across a range of investment strategies.
Net inflows were driven by flows into PM Capital's global long/short strategy, in addition to continued growth in demand for the Regal Partners Private Fund, the company's recently launched multi-strategy investment vehicle.
Meanwhile, Regal has entered a period of due diligence with takeover target Platinum Asset Management, ahead of an "improved revised proposal" for its ASX rival after an earlier bid was rejected last month.
The source: ASX announcement
