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Intermediate Capital CFO sells £1m

The asset manager has benefited from appetite for alternatives
September 27, 2018

Interest rates may be rising but they are still meagre by historic standards, pushing yield-hungry institutional investors towards alternative assets. For Intermediate Capital (ICP), which invests across a range of debt, private equity and real estate via closed-ended funds, that helped pull in assets and precipitated an almost two-thirds rise in the share price during the past two years. Chief financial officer Philip Keller has decided to bank some gains by selling £1.1m-worth of shares in the group, reducing his – and his connected persons' – holding to 0.22 per cent.

IC TIP: Hold at 1100p

Assets under management were up a fifth last year, with €7.8bn (£6.84bn) of new capital raised. Around €4.2bn of those funds were raised by its largest single strategy, Senior Debt Partners, which closed its third vintage. Assets under management within that strategy increased more than two-thirds during the year. This year has also got off to a strong start, with inflows of €4.8bn.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
3i Infrastructure♥Robert Jennings 19 Sep 1811,000245.794127,03760,0000.007
Abcam Peter Allen13 Sep 1812,0001,304156,48012,0000.006
Abcam Louise Patten13 Sep 188,0381,306.30105,00048,5610.024
Avon Rubber Nick Keveth (fd)17 Sep 182,2021,388.4130,5738,3700.027
Bidstack*Francesco Petruzzelli19 Sep 187,250,0006435,0007,250,0003.426
Bidstack*James Draper19 Sep 1841,260,56262,475,63441,260,56219.497
BidstackJohn Taylor19 Sep 18500,000630,000560,0000.265
Bidstack*Lindsay Mair19 Sep 18291,666617,500541,6660.256
BidstackLindsay Mair19 Sep 18500,000630,0001,041,6660.492
Bidstack*♥Donald Stewart (ch)19 Sep 18333,333620,000489,7330.231
Bidstack♥Donald Stewart (ch)19 Sep 18500,000630,000989,7330.468
Biffa Richard Pike 17 Sep 1870,000251175,700175,0000.070
Biffa Richard Pike 14 Sep 18105,000254266,700105,0000.042
F&C Commercial Property Trust Paul Marcuse14 Sep 1829,753144.242,90429,7530.004
Frontier Developments♥James Mitchell18 Sep 1815,6101,126.50175,84715,6100.040
Frontier Developments♥James Mitchell19 Sep 184,3821,140.8049,99019,9920.052
Henderson European Focus Trust Vicky Hastings13 Sep 185,000124562,2505,0000.023
Herald Investment Trust Ian Russell 19 Sep 187,5001,343.75100,7817,5000.011
LondonMetric Property♥Rosalyn Wilton17 Sep 1850,000182.591,250100,0000.014
Lowland Investment Co Robert Robertson (ch)13 Sep 185,000151075,50049,2250.182
Metro Bank Lord Howard  Flight 14 Sep 181,8002,78450,11227,3160.028
Metro Bank David Arden18 Sep 183,4002,89498,3963,4000.003
Nostrum Oil & Gas♥Michael Calvey14 Sep 181,067,2102472,636,0091,538,0000.825
Nostrum Oil & Gas♥Michael Calvey13 Sep 18470,7902491,172,267470,7900.253
Petrofac David Davies 18 Sep 1815,651638.853999,98716,0660.005
Solo Oil*Daniel Maling 13 Sep 18790,0002.2517,7757,900,8471.251
Solo Oil*Alastair Ferguson (ch)13 Sep 18634,9212.2514,28613,968,2552.211
Solo Oil*Alastair Ferguson (ch)13 Sep 183,809,5232.2585,71417,777,7782.814
Solo Oil*Donald Strang13 Sep 182,000,0002.2545,0003,891,1110.616
Solo Oil*Jonathan Fitzpatrick13 Sep 181,875,9752.2542,20926,280,8204.160
Solo Oil*Jonathan Fitzpatrick13 Sep 182,666,6672.2560,00028,947,4874.582
Tarsus  Daniel O'Brien (fd)14 Sep 1819,90727053,749312,7520.255
Tarsus  David Gilbertson14 Sep 1818,51827049,99944,5180.036
Tarsus  James Emslie14 Sep 1838,426270103,7501,549,6301.266
Tarsus  Keith Mansfield14 Sep 1877,778270210,00191,0280.074
Tarsus  Neville Buch (ch)14 Sep 1837,037270100,0009,082,9557.418
Tarsus  Robert Ware14 Sep 1825,00027067,500300,0000.245
TP ICap Nicolas Breteau18 Sep 1815,000285.688942,85315,0000.003
Trufin James van den Bergh 13 Sep 1875,000222166,500150,0000.154
UDG Healthcare Peter Gray (ch)19 Sep 1814,00063188,340114,0000.046
UIL Christopher Samuel18 Sep 1820,00018236,40060,0000.067
UIL Peter Burrows (ch)18 Sep 18100,000182182,000639,6170.715
Vodafone  Michel Demaré18 Sep 1850,000167.801183,901100,0000.000
Walker Crips  Lim Hua Min 14 Sep 1834,1843612,30610,208,34724.209
Walker Crips  Lim Hua Min 19 Sep 18295,47537.5110,80310,503,82224.910
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Ashmore  Thomas Shippey (fd)17 Sep 1882,747356294,579169,1800.024
CLS  Henry Klotz (ch)19 Sep 1850,630220.0333111,403400,0000.098
Everyman Media  Adam Kaye17 Sep 18250,000223557,5005,134,6827.233
Everyman Media♥Paul Wise17 Sep 18250,000223557,5002,285,9923.220
Hastings   Gary Hoffman19 Sep 18545,1872691,466,5537,731,4371.176
Hastings   Toby van der Meer (ceo)18 Sep 18129,536269348,45200.000
Hilton Food  Robert Watson (ceo)13 Sep 1875,000990742,5002,930,0153.592
HSBC  Iain Mackay (fd)14 Sep 1824,021657157,8181,286,5090.006
Hunting♥Richard Hunting 14 Sep 1870,000787.82551,47411,470,0706.948
Intermediate Capital  Philip Keller (fd)17 Sep 18102,97210541,085,325641,4380.221
UNITE  Joe Lister (cfo)13 Sep 1835,000911.5319,025440,8480.167
UNITE  Richard Smith (ceo)13 Sep 1835,000911.5319,025217,4520.083
* placing/tender/open offer ♥ spouse/connected party