- Fund manger Intermediate Capital upgraded fundraising guidance after reporting a record rise in annual profit following an rise in asset management thanks to strong fundraising activity.

For the year ended 31 March, pre-tax profit rose 10% to £202.3 million year-on-year and third party fee income was up 20% to £333.7 million.

Third-part assets under management rose 19% to $56.1 billion as the company raised $10.6 billion, its third largest year on record.

Total dividend was raised by 10% at 56.0p per share.

Looking ahead, the company upgraded its fundraising guidance to $40 billion in aggregate in the four years to the end of FY25 and at least $7 billion every year.

'We have delivered record profits and have continued to invest in our platform,' the company said.

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