GQG Partners reported robust financial results for 2024 with significant growth in funds under management and earnings, underscoring its adaptability and alignment with shareholders. The 2025 Annual Meeting confirmed strong investor confidence with near-unanimous director re-election.
- Funds under management rose 26.9% to US$153 billion in 2024
- Net revenue increased 46.9% to US$760 million
- Diluted earnings per share grew 52.3% to US$0.15
- Net flows of US$20.2 billion in 2024 and US$6.0 billion YTD in 2025
- Preliminary shareholder votes showed 99.96% support for director re-election
Strong Financial Momentum
GQG Partners Inc., a global investment boutique listed on the ASX, showcased impressive financial growth during its 2025 Annual Meeting of Stockholders. The company reported a 26.9% increase in funds under management (FUM) to US$153 billion for the full year 2024, driven by robust net flows and positive market appreciation. Net revenue surged by nearly 47% to US$760 million, while net operating income rose over 50% to US$578 million, reflecting operational efficiency and expanding scale.
Diluted earnings per share (EPS) climbed 52.3% to US$0.15, signaling strong profitability. The Board maintained a stable dividend policy, declaring a first quarter 2025 interim dividend of US 3.78 cents per share, representing a 93.3% payout ratio of distributable earnings, underscoring a commitment to returning value to shareholders.
Leadership Emphasizes Alignment and Adaptability
Executive Chairman Rajiv Jain highlighted the firm’s culture of accountability and adaptability, emphasizing that management and staff are significant shareholders themselves, aligning their interests closely with clients and investors. CEO Tim Carver echoed this sentiment, noting the team’s agility in navigating volatile macroeconomic conditions and their focus on delivering risk-adjusted returns. Carver also underscored the absence of personal bonuses for himself and the chairman, reinforcing their commitment to shareholder value creation.
Chief Financial Officer Melodie Zakaluk detailed the operational drivers behind the financial results, including a 24.7% increase in team members to support growth, higher sales commissions reflecting strong net inflows, and a disciplined approach to managing expenses. The company’s operating margin remained robust at 76%, supported by a high proportion of management fees that provide earnings stability even amid market fluctuations.
Investor Confidence and Governance
Preliminary voting results from the Annual Meeting revealed overwhelming shareholder support, with 99.96% of votes cast in favor of re-electing Mr. Bryan Weeks as a Class I Director. Approximately 87.4% of total shares and CHESS Depositary Interests (CDIs) participated in the vote, reflecting strong engagement from the investor base.
The board composition, praised by leadership for its expertise and engagement, remains a cornerstone of GQG’s governance framework. The company also noted the deconsolidation of the PCS Master Fund in late 2024, which had a net neutral impact on income but reflects ongoing portfolio and structural adjustments.
Consistent Investment Performance
Performance metrics presented at the meeting demonstrated GQG’s consistent outperformance across its global, emerging markets, US, and international equity strategies over multiple time horizons. The firm’s Global Equity Composite, for example, outperformed its benchmark in every rolling five-year period since inception, with lower volatility. This track record supports the firm’s positioning as a quality-focused, active equity manager.
Looking ahead, GQG anticipates sustained growth driven by expanding wholesale and institutional channels, increased platform availability, and growing retail separately managed account opportunities. The company’s strategic emphasis on adaptability and alignment with clients positions it well to navigate evolving market conditions.
Bottom Line?
GQG Partners’ 2024 results and shareholder backing set a strong foundation, but sustaining this momentum amid market uncertainties will be the true test.
Questions in the middle?
- How will GQG sustain net flow growth amid potential global economic headwinds?
- What impact will the expanded dividend payout range have on future shareholder returns?
- How might the deconsolidation of PCS Master Fund influence GQG’s strategic focus going forward?