Q1 FY27 funds under management steady at A$26.4b for Pacific Current Group
In its Q1 FY27 funds under management update, Pacific Current Group (ASX:PAC) reported total boutique FUM of A$26.4b at 30 September 2026, broadly unchanged from A$26.4b at 30 June 2026.
FUM across the portfolio’s boutiques rose 0.1% over the quarter. Net inflows of A$0.9b, primarily new capital commitments at Pennybacker, Victory Park and Roc Partners, were largely offset by A$0.8b in aggregate of investment performance, market movement, distributions and the translation impact of a stronger AUD.
Managing Director Michael Clarke commented on the result:
Michael Clarke, Managing Director
“Our boutiques’ FUM overall remained stable during the quarter. Pennybacker, Roc Partners and Victory Park all contributed FUM inflows that were partly offset by a decrease in Global IMC’s FUM, primarily driven by investment performance.”
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What moved the numbers across the quarter
Net inflows led by three boutiques
Net flows totalled A$866m, primarily new capital commitments at Pennybacker, Victory Park and Roc Partners. For Closed End funds, net flows only include additional capital commitments.
Performance, market movement and currency
The “Other” category, which covers investment performance, market movement and distributions, was (A$587m). FX movement was (A$261m).
The Australian dollar strengthened against the US dollar during the quarter, with AUD/USD moving from 0.6882 at 30 June 2026 to 0.6989 at 30 September 2026. In USD terms, FUM of the boutiques reporting in USD increased 0.7%, while FUM for the sole AUD-denominated manager, Roc Partners, increased 1.8%.
The table below sets out the quarterly movement in A$ millions.
| Item | A$ millions |
|---|---|
| FUM as at 30 June 2026 | 26,382 |
| Net Flows | 866 |
| Other | (587) |
| FX Movement | (261) |
| FUM as at 30 September 2026 | 26,400 |
Boutique-by-boutique FUM snapshot
Global IMC recorded the largest decline among the individual boutiques and Astarte moved marginally lower, while Pennybacker, Victory Park and ROC Partners increased. Figures are in millions in each boutique’s reporting currency.
| Boutique | Currency | FUM 30 June 2026 | FUM 30 September 2026 |
|---|---|---|---|
| Astarte (1) | USD | 872 | 871 |
| Global IMC | USD | 1,728 | 1,562 |
| Pennybacker | USD | 4,937 | 5,139 |
| Victory Park (2) | USD | 4,417 | 4,467 |
| Boutiques reporting in USD (total) | USD | 11,954 | 12,039 |
| Boutiques reporting in USD (total) | AUD | 17,369 | 17,226 |
| ROC Partners | AUD | 9,013 | 9,174 |
| Total FUM, PAC Boutiques | AUD | 26,382 | 26,400 |
By fund type, Open End FUM moved from A$2,910m to A$2,646m, while Closed End FUM moved from A$23,472m to A$23,754m.
Footnotes from the source:
- (1) Astarte FUM represents aggregate FUM of funds managed by investment managers in which Astarte has an interest as well as the unallocated committed capital from funds managed by Astarte.
- (2) Victory Park FUM includes the firm’s regulatory capital for 30 September, as well as other client FUM where Victory Park is paid a one-time, upfront fee.
How FUM translates to PAC’s economics
FUM is the amount of capital a boutique manages on behalf of clients. PAC states that the relationship between the boutiques’ FUM and the economic benefits PAC receives can vary dramatically, based on factors such as:
- the fees charged by each boutique on the assets it manages, including one-time, up-front fees;
- the varying size of PAC’s ownership interest in each boutique; and
- the unique economic terms negotiated between PAC and each boutique, including the manner in which PAC expects to realise value from its investment.
Accordingly, PAC cautions against simple extrapolation of PAC’s projected results based on FUM trends. FUM is therefore best read as one indicator of portfolio scale across the 7 boutique firms in which PAC has investments globally as of 30 October 2026.
For the quarter, the picture is a stable base of A$26.4b, supported by new capital commitments across a multi-boutique portfolio.
For readers wanting to place the FUM trend alongside the company’s earnings and balance sheet, our full explainer on PAC’s FY26 results and strategic review covers the debt-free position, the 12% dividend increase and the River Capital proposal.
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