ICG (LSE:ICG) has quietly built one of the more interesting Dividend records among the UK's financial groups, with ten straight years of growth and a Yield close to 5%. The alternative asset manager's most recent figures show Assets continuing to climb. For income investors, the debate is whether that momentum can keep supporting a payout already taking about half of earnings.

The latest picture

The most recent full-year figures available from the company cover the financial year ended 31 March 2026, and were published on 21 May. Before that, a third-quarter statement covering the period to 31 December 2025 showed assets under management of $127bn, with fee-earning assets up 1%, according to a report at the time. Other coverage described the group's assets as continuing to rise in that quarter, which fits the broader picture of steady expansion.

Readers should check the company's results centre for any later announcements before relying on them.

The appeal of an alternative asset manager's model lies in fee-earning assets. Once money has been committed to long-dated funds, management fees can be fairly predictable. That is why the fee-earning line matters to dividend investors at least as much as the larger headline figure for total assets. It tends to be a better guide to the recurring income that underpins the payout.

The dividend in numbers

The following data comes from a snapshot dated 7 October 2026, converted from sterling into pence. ICG's (LSE:ICG) annual Dividend per share is 87p. The latest interim payment is blank in the data, so it is not available here. The trailing 12-month yield and the indicated yield are both 4.9%, which is a substantial income by the standards of the index, and well above that of many financial stocks whose appeal is more about growth.

Dividend growth stands at 4.8% year on year. That is a solid rate: not spectacular, but enough to deliver a noticeable increase in income for a Shareholder who holds for a number of years. It also comes on top of the high starting yield, and that combination is relatively unusual.

Cover and the record

The Payout Ratio is 51.9%, implying Earnings cover of nearly two times. This is a reasonable margin. However, asset managers can have more volatile earnings than the fee line alone would suggest, as profits may also reflect Investment gains and losses on the group's own balance sheet. A ratio based on a single trailing period should therefore be read with some care, because a good or bad year on investment returns could move it around.

The record helps to offset those concerns. The snapshot shows 32 years of continuous payments and ten years of continuous dividend growth. A 32-year record will have included periods of real stress for Credit and private markets, so continuity over that span is meaningful. The ten-year growth run shows that recent boards have regularly chosen to raise the payout rather than merely maintain it. It does not guarantee an 11th rise, but it does establish a pattern that investors will expect to see continued.

What to watch

The next half-year figures are the key item to look for, with attention on fee-earning assets, fundraising and any interim dividend, which would Fill the gap in the current data. Investors should watch whether fundraising remains firm, because future fee income depends on it. They should also consider whether the payout ratio stays near 50%, since a material rise would make it harder to extend the ten-year growth streak at the recent pace.