- Fee earnings look flat
- Performance heavily skewed to investment returns
Intermediate Capital (ICP) is always a challenging company for investors to evaluate as its combination of investment in private equity, as well directing cash towards private lending, can make for wild swings in valuations depending on the market environment. These results were no different in that respect as investment returns of £159mn dropped through to the income statement and reversed a disappointing performance at this point last year. However, ICP is at heart an asset manager and its lifeblood remains the fees that it generates from funds coming through the door.