Petershill Partners reiterates FY guidance, Q1 AuM grows

Investment group Petershill Partners reiterated its full-year guidance on Thursday as it revealed assets under management had increased in the three months ended 31 March.

Aggregate partner-firm assets under management hit $312.0bn at the end of the period, up 3% quarter-on-quarter and 8% year-on-year, while aggregate fee-paying partner-firm AuM came to $225.0bn, increasing 2% during the quarter and 15% on the year. Organic gross fee-eligible AuM raised was $8.0bn for the quarter.

In the first quarter, partner fee-related earnings were $51.0m, up 4% on Q123, reflecting net management and advisory fees of $93.0m, 13% higher year-on-year, offset by a 27% increase in partner fee-related expenses to $42.0m. Management fees were 10% higher at $96.0m.

Partner distributable earnings were $57.0m, down 7% year-on-year, reflecting lower partner realised performance revenues of $3.0m and partner realised investment income of $3.0m.

As a result, Petershill stood by its guidance for $20.0bn-25.0bn organic fee-eligible AUM raise and realisations of $5.0bn-10.0bn in fee-paying AUM, as well as $200.0m-230.0m in full-year partner FRE. It also expects an 85-90% company-adjusted underlying earnings margin.

As of 1035 BST, Petershill shares were untraded at 204.50p.

Reporting by Iain Gilbert at Sharecast.com