During another busy year for our business, your Board has continued to focus on the long-term success and growth of ICG. The investment performance of our funds remains strong and we have continued to attract client capital despite a challenging market, with six final closes for funds being at or above their target in the last 24 months. We are successfully meeting client demands and growing our business in a market where strategically we think there is room for the large to get larger.
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Five-year CAGR: 30%
A key topic of discussion in recent years for your Board has been whether and how to address the private wealth market. This year we were pleased to announce a long-term strategic partnership with Amundi, providing us with exclusive access to a leading global distribution network which we believe has the potential to deliver significant value in the coming years, without distracting us from growing our institutional business or changing our culture of being focused on investment returns. We also agreed a framework for Amundi to acquire an equity stake in ICG in a manner which is non-dilutive to existing shareholders and which demonstrates their commitment.
As part of this partnership, Amundi has nominated their Chief Investment Officer, Vincent Mortier, as a Non-Executive Director. Vincent’s extensive experience in the global asset management and finance sectors will further broaden the expertise of the Board. Further details of our partnership with Amundi are on page 16 [of the Annual Report].
Your Board remains focused on long-term growth and delivering strong shareholder returns.
During the year, a number of other important questions have been debated by your Board and the management team, including how we can most effectively present our financial results; the size of our balance sheet and how we use it; and how we allocate our capital. The result of some of that deliberation is included in the financial report herein, while other areas continue to be the subject of ongoing review.
As well as Vincent, Jonathon Bond recently joined the Board as a Non-Executive Director and Robin Lawther joined us on 1 November 2025. Both have already made welcome contributions and it has been valuable to have their perspectives in our discussions. These appointments have been made as part of our Board succession planning process; as a part of this, Stephen Welton and Rosemary Leith will retire from the Board at this summer’s AGM after nearly nine and six years of service. We thank them both for their significant contribution.
The Board continues to have a diverse membership in terms of gender, experience and background; our culture of open discussion and listening to different perspectives has been an important component of ICG’s success to date, and will continue to be a priority.
We remain aware of the regulatory and governance frameworks for UK boards. Although your Board is performing well, we are keen to improve as standards evolve and new challenges arise. Our Board performance review process concluded that your Board continues to operate effectively; however we are evolving our membership and practices in the light of these standards.
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Five-year CAGR: 9%
This year, our discussions with both existing and prospective shareholders have provided valuable, practical insights into how they view our strategy, performance and opportunities for future growth. These conversations have helped shape the Board’s thinking, and we remain committed to maintaining open, constructive dialogue. It is clear from these engagements that shareholders strongly support our ambition to scale the business further.
We continue to believe that the Group should act as a responsible participant in society and that our strategy should reflect this. The impacts of our decisions on different stakeholder groups are always uppermost in our minds and you can read more detail on how various stakeholders were considered as part of the Board’s decision-making process on page 67 [of the Annual Report].
Throughout the year, the Board and its Committees carefully considered the Corporate Governance Code and continued to comply with the applicable requirements for the year ended 31 March 2026.
The Board remains grateful for your support throughout the year, and we look forward to continuing our constructive dialogue.
William Rucker
Chair
20 May 2026
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