Swiss private-equity firm Partners Group plans to shed its wealth-management and hedge-fund businesses, as part of efforts to refocus its operations on its core private market activities.
Swiss private-equity firm Partners Group plans to shed its hedge-fund and wealth-management businesses, as part of efforts to refocus its operations on its core private market activities.
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The sales are expected to be completed in the second half. Financial terms of the disposals were not disclosed.
The Zug-based firm plans to sell the remaining interests in two affiliated companies to the respective management teams during the second half of this year.
The companies comprised around 800 million in assets as of 30 June 2013, equivalent to 3% of Partners Groups 30 billion in assets under management.
Philip Sauer, head of investor relations at Partners Group has confirmed that the firm is preparing to offload its stake in Asset Management Partners (AMP), which manages the money of wealthy clients, as well as its interest in an undisclosed hedge fund business.
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By GlobalDataSauer said the AMP, which Partners established in 1996 and spun off in 2002 has between 10 and 15 people, while the hedge fund has between five and 10 staff.
Sauer added that the disposals are likely to have limited impact on fee-related income as the public market strategies are managed at lower fees than those of private market investments.
The firm has reported a 35% decline in performance fees to CHF13 million, down from CHF20 million in the first half of 2012.
Partners Group has also posted adjusted net profits of Sfr134 million (108 million), up = from Sfr125 million for the first half of 2012, which was the result of an increase in management fees from client assets.
