Petershill Partners AuM rises in Q3

Investment company Petershill Partners said on Tuesday that it was trading in line with full-year expectations, with assets under management rising in the three months ended 30 September.

Petershill said aggregate partner-firm AuM grew 1% in the quarter and 7% year-on-year to $303.0bn, while aggregate fee-paying partner-firm AuM hit $197.0bn, up 1% during the quarter and 4% year-on-year.

In the third quarter, partner fee-related earnings were $53.0m, up 13% year-on-year and 6% quarter-on-quarter, reflecting a 5% quarterly jump in net management and advisory fees to $91.0m and a 3% improvement in partner fee-related expenses to $38.0m. Partner distributable earnings were $80.0m in Q3, 16% higher than the same time a year earlier.

As a result of its strong Q3 performance, Petershill reiterated its 2023 guidance.

Petershill's Ali Raissi-Dehkordy and Robert Hamilton Kelly said: "Our Partner-firms continued to experience steady fund-raising activity with $20.0bn of gross fee eligible assets raised year-to-date. The asset raising highlights the strength of our Partner-firms given the challenging market backdrop. There are signs that inflation is moderating and an expectation for rates to stabilize, but at the same time broader macro uncertainty persists as we head into the year end.

"We remain highly selective and focused on the risk-adjusted outlook for new investments, and we have made no new investments in 2023. As we look forward, our diversified business model, healthy cash generation and strong balance sheet, positions Petershill Partners well to take advantage of opportunities as they arise."

As of 0940 GMT, Petershill shares were down 0.40% at 149.20p.

Reporting by Iain Gilbert at Sharecast.com