PETALING JAYA: Value Partners Group Ltd recorded a 67.2% year-on-year increase in net profit to HK$209.8mil (RM114.14mil), while revenue rose 22.1% to HK$707.8mil (RM385.08mil) in the first half of 2021.

       In a statement, the Hong Kong-listed asset management firm said its gross management fees, the group’s largest revenue contribution, decreased slightly by 3.4% to HK$501.9mil (RM273.06mil).

       Meanwhile, gross performance fees, driven by the performance of its equity funds during the period, increased 485.3% to HK$91mil (RM49.5mil). Its fixed-cost coverage ratio increased to 1.9 times during the period, compared with 1.7 times a year ago.

       As for its balance sheet, the group had nearly HK$2bil (RM1.09bil) in cash and cash equivalents as at June 30, 2021 and continues to maintain a position of zero corporate debt.

       “We will continue to take a cautionary stance in cost management and optimise the allocation of resources to balance the need for investments into longer-term strategic projects while controlling low-priority spending,” said managing director and head of marketing, communications and investor relations Steffanie Yuen.

       The group’s assets under management (AUM) stood at US$13bil (RM55.1bil) as at June 30, 2021, with increased AUM in its own branded funds, healthcare thematic products and Asian multi-asset strategy.

       AUM from overseas markets also saw strong growth.

       Managing director and chief strategy officer Angel Teng said the group continued to receive strong inflows from overseas markets.