Shares in ICG PLC (LSE:ICG), the alternative asset manager, jumped almost 10% on the back of interim results that were significantly ahead of consensus expectations, and released alongside news of a new strategic partnership with France's Amundi.
The new Paris-based partner is acquiring a non-dilutive 9.9% economic interest in the FTSE 100-listed group, with the partnership aimed at developing private markets products managed by ICG and distributed by Amundi to wealthy investors.
First, the pair will develop two European "evergreen" funds, which will invest in private equity and private debt, with the plan to then broaden the joint range over time, remaining focused on the wealth market.
"The partnership has the potential to generate significant additional assets under management for ICG over the medium term, accelerating the scaling up and scaling out of ICG’s product offering and delivering value for shareholders," the company said.
ICG also reported $83.8 billion of fee-earning assets under management, up 12% year-on-year and above the $81.6 billion average analyst forecast.
Total profit before tax of £354.1 million was a significant beat to the consensus forecast of £296 million.
The performance was supported by higher-than-forecast catch-up fees, performance fees, other income and disciplined cost control.
Fundraising during the period also exceeded expectations, reaching $9.0 billion against a consensus of just over $5.4 billion, which is seen as supportive for future management fee growth.