Australia's Income Asset Management surges on winning A$160 mln mandate

Income Asset Management

24/05/2022 03:23

** Shares of investment firm Income Asset Management Group
 IAM.AX  rise as much as 20% to A$0.18
    ** Stock posts its biggest intraday pct gain since Oct. 26,
2020 
    ** Co says it won a mandate to provide execution services
for A$160 mln ($113.26 mln) bond holdings for a not-for-profit
organisation in a tender process  urn:newsml:reuters.com:*:nASX7f2Dvb
    ** Says mandate increases IAM's capital market assets under
administration by 24% to over A$800 mln
    ** Shares hit their highest since May 4
    ** Stock down 47.4% this year, as of last close

($1 = 1.4126 Australian dollars)

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))