Weaker Aussie dolalr hits Foresight assets under management
By Josh White
Date: Thursday 09 Jan 2025
(Sharecast News) - Investment manager Foresight Group said in a trading update on Thursday that assets under management stood at £12.2bn at the end of the December quarter, a slight decline of 2% from £12.4b as of 30 September.
The London-listed firm said funds under management similarly decreased, by 1% to £8.5bn.
On a constant currency basis, both assets and funds under management remained stable.
Foresight noted that foreign exchange movements during the period, including a 5% depreciation in the Australian dollar against sterling, impacted the reported figures.
It reported record year-to-date fundraising in its tax-efficient retail strategies, aligning with the expectations outlined in its interim results in late November.
"During the quarter, our well-established retail sales team remained on track for a record year of fundraising in our tax efficient retail strategies, with over £400m raised year to date," said executive chairman Bernard Fairman.
"Institutional fundraising included our private equity division's launch of its 14th active regional fund in the South West of England, with good progress made towards achieving further closes in the fourth quarter across our infrastructure and private equity divisions.
"This quarter's fundraising keeps us on track to deliver our guidance to double our core profitability metric over the five years to 2029."
At 1146 GMT, shares in Foresight Group Holdings were down 1.89% at 364p.
Reporting by Josh White for Sharecast.com.
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