Income Asset Management Group (ASX:IAM) Obtains $160M Mandate for NFP Bond Holdings – The Market Herald
- Income Asset Management Group (IAM) Awarded Mandate to Provide Execution Services for $160 Million of Bonds Held by Large Non-Profit Organization (NPO)
- The mandate increases the firm’s capital markets assets under management by 24% to more than $800 million.
- This brings the company’s total assets under administration to over $1.8 billion.
- The company has a long history of working with NFP organizations, currently administering assets for over 45 organizations.
- IAM shares are up 20%, trading at 18 cents at 11:14 a.m. AEST
Income Asset Management Group (IAM) has landed a retainer to provide execution services for $160 million in bonds held by a large non-profit organization (NFP).
The mandate increases the company’s capital markets assets under administration by 24% to more than $800 million, bringing its total assets under administration to more than $1.8 billion.
CEO Jon Lechte said receiving the mandate builds on “the company’s strong momentum for new contracts and increasing scale”.
“The investments we have made in the business allow us to provide investors and portfolio managers with the most reliable and efficient platform to research, execute and manage their fixed income investments,” said Mr. Lechte.
“IAM believes the nonprofit sector represents a significant opportunity for IAM in the future.”
Revenue will come from the bond holdings and treasury execution service, with the potential for assets and revenue to grow over time through further growth in bond holdings.
The company has a long history of working with NFP organizations, currently administering assets for over 45 organizations.
IAM shares were up 20%, trading at 18 cents at 11:14 a.m. AEST.