22nd Nov 2022 10:54
(Alliance News) - Petershill Partners PLC on Tuesday reported an increase in assets under management, while noting the near-term outlook is weaker due to the wider market environment.
Petershill is an investment vehicle managed by Goldman Sachs Asset Management that invests in alternative asset managers
The company said it raised organic gross fee-eligible assets under management of USD55 billion in the first nine months of the year, outperforming its guidance of USD50 billion. This showed a "robust fundraising ability" of its partner firms, Petershill said.
Aggregate partner-firm AuM was USD282 billion on September 30, up 39% from USD203 billion a year ago. It was up 6% over the past three months. Aggregate fee-paying partner-firm AuM was USD189 billion, up 30% on a year before and 3% on three months before.
Partner fee related earnings were flat at USD208 million for the last 12 months.
Petershill said the USD50 million share buyback announced back in April has been completed successfully with a total of 21.3 million shares bought at about 202 pence per share.
Looking ahead, the near-term outlook for 'partner-realised performance revenues' is "subdued", Petershill says, citing the market environment. These were USD16 million in the third quarter, down from USD29 million a year before. For the first nine months of 2022, they totalled USD63 million, down from USD67 million.
Petershill shares were 6.4% lower at 183.60 pence each in London on Tuesday morning.
By Tom Budszus; [email protected]
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