In an ASX update on Wednesday and ahead of its half-year results later this month, the fund manager said FUM as at July 31, 2024 was $US156.3 billion ($238.7 billion), up from $155.6 billion USD at the end of June.

The firm also reported year-to-date net inflows of US$13.9 billion.

Breaking it down by asset class, the biggest increase in FUM this month was seen in the international equities division, which rose by US$600 million during the month.

Both emerging market and US equity saw modest increases, reaching US$200 million. However, GQG FUM's global capital fell by US$300 million in July.

In its June quarter update last month, the investment boutique said it expects positive new inflows to continue in 2024. with a "solid line" of potential new FUMs.

This comes after GQG saw FUM surpass US$150 billion for the first time in May, less than a year after it passed US$100 billion at the end of June 2023.

"We believe our strong risk-adjusted returns over the long term, combined with our global, diversified distribution capabilities, position us well in the market," the firm said in July.

“We continue to see positive gross sales across channels and investment strategies. In the second quarter, our institutional channel continued to see moderate redemption pressure from asset allocation changes and rebalancing. These headwinds from the institutional channel were offset by acceleration in our wholesale and sub-advisory channels.”

He also noted that his management fees, as opposed to performance fees, continue to make up "the majority" of the firm's net income.

In May, the firm also completed the acquisition of minority interests in Avante Capital Partners, Proterra Investment Partners and Cordillera Investment Partners for a total cash consideration of US$71.2 million.

At the time, she said it would be the anchor investment in the firm's new GQG Private Capital Solutions (PCS) division and would operate separately from the global equities business.

PCS will focus on providing a broad range of financing and strategic solutions for private middle market asset management firms, including permanent equity investments, structured finance and distribution services in the institutional and retail markets.

GQG CEO Tim Carver said: “This transaction accelerates GQG's goal of launching a private equity advisory business. Avante, Cordillera and Proterra are excellent examples of the types of businesses and people we will be looking to partner with on behalf of our PCS clients.”