Intermediate Capital smashes targets with £22.5bn new business

Intermediate Capital has brought forward its target for client wins after securing a record $22.5bn of new business. The fund management group said it had seen no let-up in investor appetite for the alternative asset classes it manages — which include private equity, private debt, infrastructure and property. Benoit Durteste, chief executive, said the 38% fall in the Intermediate share price between last November and its level immediately before the results was because of a “misperception” about what the company did. The group reported a 12% increase in pre-tax profit to £569m while lifting the dividend by 36% to 76p. That sent shares up strongly by 7.6% to close at £15.70. Last year it set itself a goal of winning $40bn of new business by the end of 2025, but yesterday pulled forward that target to the end of 2024 because of the recent strength of client inflows. London-based Intermediate is a member of the FTSE 100 and manages $72 billion of assets on behalf of pension funds, sovereign wealth funds and other investment institutions. Clients include Brunel, the umbrella pension scheme for council workers across the West Country. It also invests its own capital in the funds it manages. The Times (£)