23rd Mar 2023 16:52
(Correcting the reason for the year-on-year pretax profit decline.)
(Alliance News) - Pollen Street PLC on Thursday said that asset under management grew in 2022 following a "transformative year" in which Pollen Street Capital Holdings Ltd and Honeycomb Investment Trust PLC combined.
The London, England-based asset manager said pretax profit fell to GBP26.8 million in 2022, from GBP30.3 million in 2021. On a proforma basis, pretax profit declined to GBP34.4 million from GBP34.8 million.
Total administration costs were 65% higher at GBP19.6 million from GBP11.9 million.
Assets under management in the year grew to GBP3.4 billion at December 31 from GBP3.0 billion at the same time a year prior, supported by a 36% rise in credit AuM.
Pollen Street noted that the fundraising market was more challenging over 2022 and into 2023, as managers reported that fundraises were smaller than expected or taking longer to complete.
It backed guidance for the medium-term, however, which it defines as two to three years from completion of the Pollen Street Capital and Honeycomb combination.
It targets GBP4 billion to GBP5 billion in fee-paying assets under management in the medium-term.
The net asset value at December 31 decreased 12% to 899.5 pence each from 1,019.1p at the same time a year prior. Net investment asset return over the year is 8.0%, down from 8.5% the year prior.
Pollen Street shares fell 1.9% to 544.76 pence each on Thursday in London.
By Tom Budszus, Alliance News reporter
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