Intermediate Capital Group (LSE:ICP) shares topped the FTSE 100 leaderboard on Wednesday morning as the alternative asset manager reported a "milestone" financial year, with strong growth in assets under management and cash flow.
The company also announced plans to change its name to ICG Plc, subject to shareholder approval.
AUM finished at $112 billion at the March year end, up 14% over the previous 12 months, while fee-earning AUM climbed 8% to $75 billion.
Management fees increased 19% to £604 million and fundraising reached $24 billion, with key mandates including the world’s largest private equity fund dedicated to GP-led secondaries and Europe’s largest direct lending fund.
Fund management pre-tax profit increased 23% to £461 million, though group profit before tax fell 11% to £532 million as profits fell from the group's Investment Company segment, which invests the group’s balance sheet to seed new strategies.
Operating cash flow climbed 44% to £518 million, enabling the board to confidently declare a total dividend of 83p per share, the fifteenth consecutive annual increase.
Chief executive and chief investment officer Benoît Durteste said: “FY25 was a milestone year for ICG during which we made significant progress in delivering on our ambition to offer our clients and shareholders breadth at scale.
"Financially we are generating substantial earnings. These qualities position us well to deliver further long-term value for our clients and shareholders."