Partners Group / Key word(s): Half Year Results Partners Group reports revenue growth of 19% supported by solid performance fee development 05-Sep-2023 / 07:00 CET/CEST Release of
2 Revenues from management fees and other revenues, net, performance fees, net, including other operating income.David Layton, Partner and Chief Executive Officer, says:"Private markets have shown resilient performance across market cycles and our diversified platform continues to deliver value to clients in this recalibrated economy.
Total operating costs increased by 31% to CHF 407 million , mainly driven by higher variable performance fee-related personnel expenses. EBIT amounted to CHF 644 million at an EBIT margin of 61.2% , a decrease of 3.5%-points, of which approximately 2%-points were driven exclusively by foreign exchange effects. Net finance income and expenses amounted to CHF 17 million , slightly offset by negative foreign exchange effects, hedging, and other costs. Corporate income taxes totaled CHF 110 million at a tax rate of 16.6% , in line with the expected tax rate of 14% to 17%.
Roberto Cagnati, Partner, Chief Risk Officer and Head Portfolio Solutions, at Partners Group concludes:"Within our bespoke solutions, mandates continue to be a leading contributor to our growth, as clients increasingly seek customized and dynamic solutions for their private markets investment requirements.
The Interim Report as of 30 June 2023 will be published on 14 September at 7:00am CET and will be available for download at www.partnersgroup.com/en/shareholders/reports-presentations.[1] Late management fees typically arise when clients join a commingled closed-ended investment program at a later stage of the fundraising period and are required to pay retrospectively for previously delivered management services to this respective program.
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