Continuing boutiques lift FUM to A$26.4b as Aether exit reshapes portfolio
In its funds under management (FUM) update for the quarter ended 30 June 2026, Pacific Current Group (ASX:PAC) reported total FUM across its continuing boutiques of A$26.4b, up 1.8% from A$25.9b at 31 March 2026.
The quarter carried two distinct storylines. While underlying continuing-boutique FUM grew, headline total FUM declined 6.4% in AUD terms, a movement driven entirely by the exit of Aether in June 2026 rather than any underlying underperformance.
As at 31 July 2026, the global multi-boutique asset manager holds investments in 7 boutique firms globally.
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Q4 FY26 FUM results at a glance
The table below summarises the quarter’s key FUM movements in Australian dollars.
| Category (A$m) | FUM 31 Mar 2026 | Divestment | Net Flows / Other / FX | FUM 30 Jun 2026 |
|---|---|---|---|---|
| Continuing Boutiques | 25,923 | — | +459 | 26,382 |
| Exited Boutique (Aether) | 2,258 | (2,179) | (79) | — |
| Total | 28,181 | (2,179) | +380 | 26,382 |
Key drivers behind the quarter’s movements included:
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Growth across continuing boutiques was driven by investment performance and market movement
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This was partly offset by modest net outflows of A$96m and the translation impact of a stronger AUD
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The Aether exit removed A$2.3b of FUM (A$2,258m at 31 March 2026)
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FX movement across the quarter totalled –A$162m, with the AUD/USD exchange rate moving from 0.6844 to 0.6882
Which boutiques drove the quarter
Growth over the period was spread across five continuing boutiques. According to Managing Director Michael Clarke, Astarte, Global IMC, Pennybacker, Roc Partners and Victory Park all contributed to the 1.8% increase.
The sole AUD-denominated manager grew FUM 2.0% during the quarter. Among the standout movements, Global IMC’s open-end FUM rose from US$1,500m to US$1,728m, while Roc Partners (AUD) grew from A$8,834m to A$9,013m.
Michael Clarke, Managing Director
“Our continuing boutiques grew FUM by 1.8% over the quarter, with Astarte, Global IMC, Pennybacker, Roc Partners and Victory Park all contributing. The headline movement reflects the exit of Aether in June, not the underlying trajectory of the portfolio.”
Understanding the multi-boutique model
A multi-boutique asset manager holds ownership interests in a portfolio of independent boutique asset management firms. Those boutiques manage FUM on behalf of their clients, and PAC earns economic benefits from the stakes it holds in each.
FUM is a useful indicator of scale, but it does not translate directly into earnings. PAC notes that the relationship between a boutique’s FUM and the economic benefits PAC receives can vary dramatically based on several factors:
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The fees charged by each boutique on the assets it manages, including one-time, up-front fees
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The varying size of PAC’s ownership interest in each boutique
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The unique economic terms negotiated between PAC and each boutique, including how PAC expects to realise value from its investment
For these reasons, PAC “cautions against simple extrapolation of PAC’s projected results based on FUM trends.” Investors should treat FUM growth as one input rather than a proxy for earnings.
What the Aether exit means for the investment case
The 6.4% decline in total FUM stems solely from the divestment of Aether in June 2026. The boutique represented A$2.3b of FUM at 31 March 2026, and its removal accounts for the entire headline movement.
Adjusting for the exit, underlying FUM grew over the quarter. The change is best read as a reshaping of the portfolio structure rather than a loss of momentum across the continuing managers.
Following the divestment, PAC holds investments in 7 boutique firms globally as at 31 July 2026.
The takeaway for investors
The quarter tells a two-track story: solid underlying growth of 1.8% across the continuing boutiques set against a smaller total portfolio following the Aether exit. The continuing managers lifted FUM to A$26.4b, while the 6.4% headline decline reflects a structural change rather than performance.
As PAC itself emphasises, FUM trends should not be extrapolated directly into projected results, given the varying fee structures, ownership interests and economic terms across each boutique.
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