Foresight increases dividend as funds under management stagnates
The interim dividend will be paid on 26 January.
According to a regulatory filing, FUM across the group held steady at £8.8bn over the three months, while assets under management grew slightly from £12.2bn to £12.4bn.
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While £104m was added to higher margin vehicles by fundraising and the firm's private equity division attracted a further £60m in institutional funds, Foresight Capital Management suffered net outflows of £124m.
Managers across Foresight Group enjoyed performance fees of £1.9m over the quarter, thanks to successful realisations, while FCM contributed £72m of positive NAV performance.
At the end of the year, Foresight Group's infrastructure arm held £10bn in AUM and its private equity vehicles totalled £1.5bn, while FCM sat just under the £1bn mark.
The interim dividend will be paid on 26 January.
Foresight Group AUM ticks up as capital management arm suffers
Bernard Fairman, executive chair of Foresight Group, said: «Foresight finished 2023 strongly, against the backdrop of a challenging macroeconomic environment. During the period, we delivered robust inflows into higher margin retail vehicles, successful institutional fundraising, and profitable exits from our private equity business.
»Our pre-marketing discussions have also shown signs of improving sentiment in the institutional infrastructure fundraising market.
«As we enter 2024, we continue to believe that the energy transition is the largest investment opportunity of our generation and remain confident that the group will continue to deliver against our strategic growth targets as our three business divisions combine to extend our consistent track record of profitable growth.»
CCLA's James Corah:
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