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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 $55 billion in the first nine months of the year, outperforming its guidance of $50 billion. This showed a ‘robust fundraising ability’ of its partner firms, Petershill said.
Aggregate partner-firm AuM was $282 billion on September 30, up 39% from $203 billion a year ago. It was up 6% over the past three months. Aggregate fee-paying partner-firm AuM was $189 billion, up 30% on a year before and 3% on three months before.
Partner fee related earnings were flat at $208 million for the last 12 months.
Petershill said the $50 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 $16 million in the third quarter, down from $29 million a year before. For the first nine months of 2022, they totalled $63 million, down from $67 million.
Petershill shares were 6.4% lower at 183.60 pence each in London on Tuesday morning.
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