Petershill Partners Q3 AuM Slips, Lifts FY Guidance

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Petershill Partners Plc (PHLL.L), an investment company, on Tuesday reported a decline in third quarter assets under management or AuM, however raised its outlook for organic fee-eligible AuM.

For the three-month period to September 30, Partner Fee Related Earnings or FRE were $57 million, up 8 percent from last year, reflecting Net Management and Advisory Fees of $97 million, which is also 7 percent higher than last year.

Partner Distributable Earnings were $90 million, 13 percent higher than in the prior year, reflecting higher Partner FRE of $57 million, compared with the previous year's $53 million.

Partner Realised Performance Revenues or PRE increased to $23 million from last year's $14 million.

Aggregate Partner-firm assets under management or AuM stood at $328 billion, down 1 percent from last year, and Aggregate Fee-paying Partner-firm AuM slipped by 2 percent to $233 billion, year-on-year. This includes the impact from the disposal of the stake in LMR Partners.

Aggregate Partner-firm AuM and Aggregate Fee-paying Partner-firm AuM increased 8 percent and 18 percent year-over-year, respectively.

The company will pay a special dividend of 17.5 cents per share on December 20 to shareholders on the register as of November 22.

Looking ahead to the full year, Petershill now expects organic fee-eligible AuM to be at the top end of the previous guidance range of $20 billion to $25 billion and realizations to slightly exceed the previous outlook of $5 billion to $10 billion in fee-paying AuM.

The company still expects full-year adjusted EBIT margin to be 85 percent to 90 percent.

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