StockMarketWire.com - Private equity investment firm Intermediate Capital reported that profit rose by more than a third in the first half of the year as record fundraising boosted assets under management.

For the six months ended 30 September, pre-tax profit increased 37% to £264.7 million year-on-year. Third-party asset under management was up 28% to $65.35 billion

'Fundraising has been remarkable: we have raised more in six months than in any full year in the history of ICG,' the company said.

'Notably it has been across both established and emerging strategies, evidencing the breadth of our embedded growth opportunities.'

Third-party fee income grew 29% to £199.0m

The interim dividend was raised by 10% to 18.7 pence, in line with policy of paying a third of prior full year dividend.

'Looking ahead, activity levels across our business remain high. Our performance demonstrates our multiple drivers of compounding growth, and gives us further confidence in our medium-term guidance,' the company said.


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