Intermediate Capital Group (LSE:ICP) had a rare bad day as investors banked some profits after interim profits at the mezzanine finance provider dropped 18%.
Management fees (up 23%) and performance fees (up 9%) both rose in the half year to the end of September, but a weaker investment performance meant profits slipping to £198 million from £242 million a year earlier.
Net asset value at the end of the period was 788p, down 2p from March.
Benoît Durteste, chief executive and chief investment officer, said: “During the last six months we have reinforced our leading positions in flagship strategies and have significantly progressed a number of scaling strategies.
“We are reporting near-record levels of fundraising, increasing transaction activity, higher client numbers, and growth across almost all key financial metrics.
“While uncertainty persists in many areas, we are seeing that top-tier managers such as ICG can generate attractive returns and raise significant amounts of client capital.
“This is accelerating the development of a relatively small group of globally relevant, scaled private market managers, and gives us confidence as we look to our next US$100bn and beyond.”
Shares in the FTSE 100 group fell 4.9% to 2,130p.