GQG’s FUM slips to US$105bn in Q3

GQG Partners fund flows fund management Pacific Current Group

9 October 2023
| By Jasmine Siljic |
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GQG Partners’ funds under management (FUM) has marginally declined to US$105.8 billion at the end of 2023’s third quarter, compared to an FUM of US$107.4 billion the previous month.

The firm’s net flows for the quarter were reported at US$1.8 billion ($2.8 billion), bringing its net flows this year-to-date to US$8.1 billion as at 30 September 2023. This was compared to US$7.1 billion in the same period for 2022.

GQG’s FUM reached US$108 billion in July, after surpassing US$100 billion for the first time the previous month when assets grew from US$98.5 billion to US$104.1 billion thanks to client demand across multiple geographies and channels.

“We have experienced net inflows this year in each of our four strategies and across the three primary distribution channels (institutional, wholesale and sub-advisory), despite a difficult industry environment,” the quarterly update stated. 

International equity declined slightly from US$40.5 billion in August 2023 to US$40.3 billion this month, while global equity also shrunk from US$29.3 billion the previous month to US$28.4 billion.

Emerging markets equity grew marginally to US$28.8 billion from US$28.7 billion in August. For US equity, there was a minor decline from US$8.9 billion to US$8.3 billion. 

GQG observed a “reasonable pipeline” of client demand across the globe and its channels. The update added that its management fees continued to comprise the majority of its net revenue. 

In late September, it was announced that Regal Partners withdrew its bid to acquire Pacific Current Group, citing consistent disappointment with the engagement by the board since its initial proposal.

It had previously offered to acquire Pacific Current at an implied value of $10.77 per share to be implemented by way of a scheme of arrangement for 2.2 shares in GQG, plus $7.50 in cash per Pacific Current share. 

The news opened the field for GQG, which had also put in a bid in July to acquire all issued ordinary shares in Pacific Current. Pacific Current has a 4 per cent stake in GQG Partners.

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