Why Did Pacific Current’s FUM Slip Despite Gains at Key Boutiques?
Pacific Current Group’s total funds under management slipped slightly to A$29.8 billion in Q3 2025, impacted by outflows at IMC Global but buoyed by gains at other boutiques.
- Total FUM declined 0.9% to A$29.8 billion in Q3 2025
- Net outflows at IMC Global drove the overall decrease
- Pennybacker, Astarte, and Roc recorded modest FUM increases
- FUM trends do not directly translate to PAC’s economic benefits
- Executive leadership highlights stable overall FUM despite mixed boutique performance
Quarterly FUM Update
Pacific Current Group Limited (ASX – PAC), a global multi-boutique asset manager, reported a slight dip in its total funds under management (FUM) to A$29.8 billion as of 30 September 2025. This represents a 0.9% decline from the previous quarter’s A$30.0 billion. The modest decrease reflects a mixed performance across the group’s boutique managers.
IMC Global, one of the key boutiques within Pacific Current’s portfolio, experienced net outflows during the quarter, which primarily contributed to the overall FUM decline. However, this was partially offset by inflows and positive market performance at other boutiques including Pennybacker, Astarte, and Roc, which all recorded increases in their managed funds.
Boutique-Level Dynamics
Pacific Current’s executive director and acting CEO, Michael Clarke, emphasized the stability of the group’s FUM despite the headwinds faced by IMC Global. He noted that while some boutiques saw outflows, others attracted new capital and benefited from market gains, underscoring the diversified nature of Pacific Current’s multi-boutique model.
The report also highlights the complexity behind translating FUM figures into economic benefits for Pacific Current. Variations in fee structures, ownership stakes, and negotiated economic terms with each boutique mean that changes in FUM do not straightforwardly predict revenue or profit outcomes for the group.
Market and Currency Considerations
Currency fluctuations also played a subtle role during the quarter, with the Australian dollar strengthening slightly against the US dollar. This factor influences the reported FUM figures when converted into Australian dollars, adding another layer of nuance to the quarterly results.
Overall, Pacific Current’s update paints a picture of a firm navigating the typical ebb and flow of capital within its boutique managers, maintaining a relatively stable asset base amid a challenging market environment.
Bottom Line?
Pacific Current’s next FUM update will be closely watched to see if IMC Global’s outflows persist or if inflows at other boutiques can drive growth.
Questions in the middle?
- Will IMC Global’s net outflows continue into the next quarter?
- How will fee structures and ownership stakes impact Pacific Current’s revenue from these FUM changes?
- Can Pennybacker, Astarte, and Roc sustain their inflows amid market volatility?
