Half Year 2024 Partners Group Holding AG Earnings Call Transcript
Key Points
- Fundraising for the first half of 2024 was up 39% from the same period in 2023, reaching $11 billion.
- Management fee growth was in line with average assets under management growth, maintaining a solid management fee margin at 1.27%.
- EBIT margin was strong at 62%, demonstrating effective cost management and alignment of employee compensation with performance fees.
- The company has a globally diversified client base, which provides stability in a volatile market environment.
- Partners Group Holding AG (PGPHF) continues to innovate, particularly in private wealth and US-defined contribution markets, positioning itself as a leader in bespoke solutions.
- Performance fees were light during the period, impacted by delayed and postponed exits.
- Total revenues decreased by 7% to CHF977 million due to lower performance fees.
- The appreciation of the Swiss franc against other currencies negatively impacted financials, particularly management fees.
- Headcount decreased, raising concerns about future AUM growth and deployment opportunities.
- Exit activity was light, with only two significant realizations (SRS and Civica), impacting performance fee potential.
All right. Welcome, everyone. It's a pleasure to have you at our interim results call for 2024. My name is Dave Layton. I'm the CEO of the firm. I'm joined today by Juri, our President; Joris, our CFO; and Philip, the Head of Business Development.
I'll kick off on slide 2. I do believe that our platform delivered solid operational and financial results in the first half of this year. Fundraising for the first half of the year was up 39% from the same period in 2023, $11 billion. And yet, the first half of the year feels already far in the rearview mirror.
As we sit here today in September, we do believe that we're on track to deliver within the range that we've outlined, probably, at a pace towards middle of that range as we sit here today. We have a variety of new types of solutions that we're offering for our clients.
I really do believe that this bespoke solutions positioning that we have really been developing over the last number of years benefits us significantly in the current market environment. We
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