Colliers International Group Inc. (NASDAQ:CIGI) Q3 2024 Earnings Conference Call November 5, 2024 11:00 AM ET
Company Participants
Jay Hennick - Global Chairman and CEO
Christian Mayer - CFO
Chris McLernon - CEO, Real Estate Services
Conference Call Participants
Stephen Sheldon - William Blair
Jimmy Shan - RBC Capital Markets
Himanshu Gupta - Scotia Capital
Daryl Young - Stifel
Frederic Bastien - Raymond James
Operator
Welcome to the Colliers International Third Quarter Investors Conference Call. Today's call is being recorded. Legal Counsel requires us to advise that the discussion scheduled to take place today may contain forward-looking statements that involve known and unknown risks and uncertainties. Actual results may be materially different from any future results, performance, or achievements contemplated in the forward-looking statements.
Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the company's Annual Information Form, as filed with the Canadian Securities Administrators, and in the company's Annual Report on Form 40-F, as filed with the U.S. Securities and Exchange Commission. As a reminder, today's call is being recorded. Today's Tuesday, November 5th, 2024.
And at this time for opening remarks and introductions, I would like to turn the call over to Global Chairman and Chief Executive Officer, Mr. Jay Hennick. Please go ahead, sir.
Jay Hennick
Thank you, Operator. Good morning, and thanks for joining us. As the Operator mentioned, I'm Jay Hennick, Chairman and Chief Executive Officer. With me today is Chris McLernon, and CEO of our Real Estate Services segment, and Christian Mayer, Chief Financial Officer. As always, this call is being webcast and is available in the Investor Relations section of our website, along with the presentation slide deck.
This quarter, Colliers realigned its operating segments to better reflect the future potential and value of our complementary growth engines, and we delivered solid growth across each one of them.
Engineering grew by 21% driven by acquisitions. In real estate services, revenues and capital markets rose a strong 17%, exceeding our expectations. While leasing continued to grow nicely, building on last quarter's strong momentum.
And in investment management, recurring management fee revenue showed a modest increase, though fundraising fell below expectations, reflecting a trend seen across the industry. We anticipate stronger fundraising in 2025.
Assets under management grew by $2.4 billion during the quarter, rising from $96 billion to nearly $99 billion, which is very positive. We also completed the acquisition of Englobe, creating a substantial new growth platform in Canada.