In an update to the ASX on Wednesday, and ahead of its half-year results later this month, the fund manager said its FUM as at 31 July 2024 was US$156.3 billion ($238.7 billion), up from US$155.6 billion at the end of June.
The firm also posted net inflows for the year to date of US$13.9 billion.
Breaking it down by asset class, the largest FUM rise this month was seen in its international equity division, which rose by US$600 million over the month.
Emerging markets equity and US equity both saw modest increases, edging up by US$200 million. However, GQG’s global equity FUM slipped by US$300 million in July.
In its June quarter update last month, the investment boutique said it anticipates continued positive new flows in 2024 with a “solid pipeline” of potential new FUM.
This comes after GQG saw its FUM surpass US$150 billion for the first time in May, less than a year after it passed US$100 billion at the end of June 2023.
“We believe our strong risk-adjusted returns over the long-term, in combination with our global, diversified distribution capabilities, position us well in the market,” the firm said in July.
“We continue to see positive gross sales across channels and investment strategies. In the second quarter, our institutional channel continued to see moderate redemption pressure from asset allocation and rebalancing changes. These headwinds from the institutional channel have been offset by acceleration in our wholesale and sub-advisory channels.”
It also noted that its management fees, as opposed to performance fees, continue to comprise the “vast majority” of the firm’s net revenue.
In May, the firm also completed the acquisition of minority interests in Avante Capital Partners, Proterra Investment Partners, and Cordillera Investment Partners for an aggregate cash consideration of US$71.2 million.
At the time, it said it would be the foundational investment in the firm’s new GQG Private Capital Solutions (PCS) division and operate separately from its global equities business.
PCS will be focused on providing a broad range of financing and strategic solutions to mid-market private capital asset management firms, including perpetual equity investments, structured financings, and distribution services across institutional and retail markets.
GQG chief executive Tim Carver said: “This transaction accelerates GQG’s aim to launch a private capital investment advisory business. Avante, Cordillera, and Proterra are excellent examples of the types of firms and people we will seek to partner with on behalf of our PCS clients.”
