London, January 19, 2026, 10:21 GMT — Regular session underway.
- ICG shares fell roughly 2% in early trading amid a broader risk-off mood across Europe
- Markets are bracing for tariff fallout as investors focus on ICG’s Q3 statement due January 21
- Traders are focused on updates regarding fundraising, fee income, and the speed of deployment
ICG plc shares dropped almost 2% Monday morning, dragged down by a wider selloff in European stocks as investors pared risk following new U.S. tariff warnings. 1
The decline is significant since ICG stands at the intersection of market sentiment: policy disruptions often stall deal flow, exits, and fundraising, while publicly traded alternative managers frequently act as stand-ins for investor confidence. 2
Global markets shifted toward risk aversion, as investors sought refuge in conventional safe havens, while the dollar slipped versus the yen and Swiss franc. “It’s highly likely that the White House will use the threat of tariffs consistently,” said George Lagarias, chief economist at Forvis Mazars. 3
ICG, an asset manager specializing in private markets and credit, generates fees from assets under management—that is, client capital spread across its strategies. Investors track how fast it can raise new funds and deploy capital without increasing risk. 4
The company will release its third-quarter trading update on January 21, providing an early gauge of sentiment following a volatile start to the year for risk assets. 4
Monday saw the stock hover near 2,010 pence, fluctuating between about 2,006 and 2,038 pence during the session, following a close at 2,050 pence the day before, data showed. 5
The broader context isn’t helping. President Donald Trump has warned of fresh tariffs on products from eight European nations unless the U.S. gains the right to buy Greenland. This development has revived trade jitters and sent European stock volatility higher. 2
In Britain, Prime Minister Keir Starmer called the tariff threat “completely wrong” and urged calm talks to steer clear of a trade war, while officials considered their next steps. 6
ICG investors face a clear risk: should tariff talk become actual policy, financial conditions could tighten, valuations take a hit, and deal flow slow down — effects that might hit listed managers’ share prices well before earnings reflect the change.
Wednesday brings the Q3 trading update. Investors want clear figures on fundraising progress, fee-earning assets, and whether deployment or realization speeds have shifted. They’ll also watch closely for any change in the private credit outlook.
