British asset manager Intermediate Capital posted a first-quarter 1 percent rise in assets under management to 21.9 billion euros ($24.16 billion) on Thursday and said Britain’s vote to leave the European Union could cut short-term investment.
The firm, which specialises in providing mezzanine finance, private debt and leveraged credit, said third-party fee-earning AUM rose 2 percent to 16.1 billion euros in the first quarter of its financial year.
Chief Executive Christophe Evain warned there may be a “reduced level of M&A activity in the UK, resulting in a slower investment pace” in the short term, citing uncertainty after the Brexit vote.
New third-party money raised in the quarter totalled 800 million euros, Intermediate Capital said.
Evain said the firm had an established presence in Europe through its subsidiaries, but would “continue to monitor Brexit developments”.