By Maiya Keidan and Simon Jessop
LONDON (Reuters) - Fund manager Intermediate Capital Group (L:ICP) said total assets fell 2 percent during its first quarter after inflows were more than offset by currency moves and as more money was returned to investors.
Total assets under management at the end of June were 23.3 billion euros ($27.14 billion), it said in a statement, while third-party assets on which it can earn fee income fell 3 percent to 18.2 billion euros.
While the company took in 645 million euros in new money from investors, it lost 614 million euros through currency moves and gave 365 million euros back to investors after a number of underlying trades were successfully completed.
Shares in ICG were down 0.4 percent at 0715 GMT, lagging a broader FTSE mid-cap index (FTMC).
ICG invests across a range of less liquid markets, particularly credit, and asks investors to lock their money up for several years to allow them to better manage the trades. When a trade is completed, money can be returned to investors.
"I am pleased with our start to the financial year, with both fundraising and capital deployment remaining on track," outgoing Chief Executive Christophe Evain said.
"Our expectation continues that this will be a strong fundraising year and we will be able to maintain the deployment pace of our funds."
The company reiterated its expectation that fundraising would exceed its long-term target of 4 billion euros a year, with demand for its new Senior Debt Partners strategy in line and a first close expected before the half year.