UK's Intermediate Capital Group fee-related earnings rise 23%

ICG

21/05/2026 07:10

Overview

UK alternative asset manager's fiscal 2026 fee-related earnings rose 23% yr/yr

AUM reached $126 bln, with fee-earning AUM up 11% yr/yr

Company raised annual dividend for 16th consecutive year

Outlook

ICG expects fundraising in FY27 to be below FY26 due to fundraising cycle and market conditions

Company maintains guidance for at least $55bn aggregate fundraising between Apr 2024 and Mar 2028

ICG expects performance fee income to represent about 10-20% of total fee income

Result Drivers

FUNDRAISING GAINS - Co said strong fundraising, including Europe IX and several funds closing above target, drove growth in fee-earning AUM and management fees

DISCIPLINED INVESTMENT PERFORMANCE - Co attributed results to maintaining investment discipline and focus on cash realisations (DPI)

PERFORMANCE FEE RECOGNITION CHANGE - Co said performance fee income was boosted by a change in revenue recognition approach

Company press release: ID:nGNE5QYhQd

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Dividend
GBP 0.87
FY Performance Fee Income
GBP 127 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the investment management & fund operators peer group is "buy"

Wall Street's median 12-month price target for ICG PLC is GBp2,450.00, about 33.7% above its May 20 closing price of GBp1,833.00

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)