GQG Reports $431.6M Net Income, $153B AUM, Declares $0.0378 Dividend for Q4 2024

Strong Financial Performance

GQG Partners Inc. has unveiled a robust set of financial results for the year ended 31 December 2024, underscoring its position as a growing force in global asset management. The company reported a 46.9% increase in net revenue to $760.4 million, driven primarily by a 26.9% rise in funds under management (FUM) to $153 billion and a higher average management fee rate. Net income attributable to shareholders surged 52.8% to $431.6 million, reflecting both top-line growth and operational efficiency.

Diluted earnings per share rose 52.3% to $0.15, signaling strong profitability and shareholder value creation. These results were achieved despite ongoing investments in talent and infrastructure, highlighting GQG's ability to balance growth with disciplined cost management.

Dividend Increase and Shareholder Returns

In line with its commitment to returning value to shareholders, GQG declared a final dividend of $0.0378 per share for the quarter ended 31 December 2024, payable on 27 March 2025. This dividend represents approximately 90% of distributable earnings, consistent with the company's dividend policy targeting an 85-95% payout ratio. The dividend will be paid in US or Australian dollars depending on shareholder designation, and notably, it will be unfranked.

Strategic Expansion and Business Diversification

2024 was a landmark year for GQG’s strategic growth initiatives, particularly with the launch of its Private Capital Solutions (PCS) business. The company completed the acquisition of minority interests in three boutique private equity firms, marking its first significant expansion beyond its core public equity strategies. This move aims to diversify GQG’s revenue streams and capitalize on opportunities in the lower-middle-market private capital space.

However, following the repayment of a $93.8 million term loan associated with the PCS Master Fund, GQG deconsolidated this fund effective 19 December 2024. This deconsolidation reflects the fund’s transition to a more independent capital structure, with non-affiliated investors gaining substantive control. The transaction resulted in a modest gain and is expected to streamline GQG’s financial reporting going forward.

Operational Highlights and Market Position

GQG’s flagship investment strategies, Global Equity, International Equity, Emerging Markets Equity, and US Equity, continued to outperform their benchmarks on both three- and five-year trailing bases, reinforcing the firm’s reputation for delivering consistent, risk-adjusted returns. The company’s assets under management grew across all regions, with notable expansion in the UAE following the opening of a new office in Abu Dhabi, positioning GQG as a significant foreign investor in the Middle East.

Net flows nearly doubled to $20.2 billion in 2024, reflecting strong client demand and effective distribution across institutional, sub-advisory, and wholesale channels. The firm’s average management fee of 49.6 basis points remains competitive, supporting sustainable revenue growth amid industry fee pressures.

Governance and Leadership

Leadership continuity and governance remain pillars of GQG’s strategy. The Board welcomed Bryan Weeks as an Independent Director in June 2024, bringing extensive asset management and leadership experience. Meanwhile, Paul Greenwood transitioned from the Board to an executive role as Managing Director and Co-Head of PCS, underscoring the firm’s commitment to integrating key talent into its growth initiatives.

Executive Chairman Rajiv Jain and CEO Tim Carver remain deeply invested in the company, aligning their interests with those of shareholders and clients alike. Their stewardship emphasizes a culture of performance, adaptability, and client-centric service.