Pacific Current Group (ASX:PAC), a global asset management firm, announced a decrease in Funds Under Management (FUM) from A$42.5 billion to A$41.5 billion for the quarter ending September 30, 2024. Despite the overall decrease, USD-denominated fund managers saw a 1.4% increase due to market performance. The company's Ownership Adjusted FUM increased from US$8.8 billion to US$9.0 billion during the same period.
Pacific Current Group reported a 2.2% decrease in FUM, attributed to market revaluations and distributions. The USD-denominated fund managers showed a 1.4% increase, while Ownership Adjusted FUM rose to US$9.0 billion. The company aims to leverage its diverse boutique portfolio and maintain strong fund-raising capabilities. Tier 1 boutiques are expected to drive significant pre-tax earnings, while Tier 2 boutiques continue to diversify the portfolio. Future strategies include adapting to currency fluctuations and optimizing economic benefits from boutique partnerships. The strategic sale of interest in Victory Park Capital Advisors is expected to impact future financial results.
Our partner boutiques have had a solid fund-raising performance, which has contributed to a strong start to the new financial year.