GQG Partners sees strong February inflows

GQG Partners FUM Funds management Pacific Current Group

8 March 2024
| By Jasmine Siljic |
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GQG Partners has seen its funds under management (FUM) increase by US$10.5 billion to US$137.5 billion over the course of February.

In its monthly update to 29 February, the boutique asset management firm said its FUM has risen to US$137.5 billion – a growth of US$10.5 billion from US$127 billion in January.

In the month prior, GQG saw a slightly lower FUM growth of US$7 billion.

The firm’s February results was underpinned by net inflows of US$3 billion, nearly doubling its net inflows of US$1.9 billion in January.

Looking at the individual asset classes, international equity saw the largest growth again of US$3.7 billion to US$52.9 billion in February from US$49.2 billion in the previous month.

This was followed by global equity which increased from US$33 billion to US$36 billion.

Emerging markets equity grew from US$35.1 billion to US$37.1 billion, while US equity rose from US$9.7 billion to US$11.5 billion.

Last month, GQG announced its full-year calendar results for 2023. Its FUM was up 37 per cent to US$120.6 billion at the end of December, and it had seen net flows of US$10 billion.

Breaking it down by those in Australia, it had some US$1 billion of flows and accounted for US$7.6 billion of funds under management. Its Global Equity Fund, in particular, saw 59 per cent of total inflows over the last three years come from Australian investors.

Last year, the firm made an acquisition bid for Pacific Current Group (PAC), but the deal ceased a few months later after failing to achieve the support of PAC’s largest shareholder.

Reflecting on whether GQG would pursue other opportunities this year, Tim Carver, chief executive, said M&A activity was not an objective.

Carver stated: “We did pursue an acquisition of Pacific Current Group, ultimately this didn’t come to fruition, and we did that from a very strategic standpoint as we would like to expand into the alternatives space.

“We are always open-minded on finding ways to grow the business to bring our clients’ innovative investment strategies, but we don’t have an objective to grow through acquisitions.

"I’m fairly skeptical of M&A activity in this industry as it is very, very hard to pull off.”

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