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L1 Group funds under management reach $19.1B
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L1 Group funds under management reach $19.1B

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  • L1 Group reported a 12.4% increase in funds under management to a total of $19.1 billion for the June quarter.
  • The company expects full-year performance fees to reach approximately $167 million.
  • Growth was driven by positive net inflows and an investment performance recovery following March quarter volatility.

Australian wealth manager L1 Group (ASX:L1G) increased its funds under management by 12.4% to $19.1 billion for the quarter ended June 30.

This total marks a recovery from the previous quarter ended March 31 when funds under management stood at $16.96 billion.

The company stated that an initial public offering for the L1 Gold Fund contributed $428 million in net inflows during April.

L1 Group expects to incur $36 million in after-tax one-off integration and listing costs during the second half of the financial year.

Following the announcement, the L1 Group share price was down at $1.19.

The business operates several segments, including long-short strategies, international equities, and dedicated gold funds.

Detailed figures regarding these flows and performance fees will be released at the upcoming full-year results, scheduled for Aug. 17.

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