GQG shares gain on FUM uplift
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More news: Shares in GQG Partners jumped in early trading on the ASX after the investment manager lifted its funds under management in May on the back of inflows and strong returns in its international funds.
GQG shares were up 2.7% to $2.65 by 11:15am AEST.
Strong inflows help lift GQG funds in May
The news: Investment manager GQG Partners lifted its funds under management in May on the back of inflows and stronger returns in its international funds.
The numbers: Funds under management were up by USD8.1 billion ($12.15 billion) or 5.7% to USD150.1 billion. Year-to-date net inflows at the end of May totalled USD9.1 billion.
International equity was up 5.6% to USD58.9 billion, global equity up 7.4% to USD37.6 billion, US equity up 7.7% to USD12.5 billion, and emerging markets equity up 3.7% to USD41.1 billion.
The Florida-based firm’s ASX-listed shares are up more than 52% to $2.58 so far in 2024.
The context: The investment firm saw an increase in each of its segments during May, helping it bounce back from a rare dip in funds under management for the previous month.
The source: ASX announcement
