(Alliance News) - Petershill Partners PLC on Wednesday said it had a decent first quarter, with a rise in assets under management, despite an "uncertain market backdrop".

The investment vehicle is operated by Goldman Sachs Asset Management and invests in alternative asset managers.

It said its aggregate partner-firm assets under management amounted to USD290 billion in the first quarter, up 9% from the previous year.

The company's aggregate fee-paying partner-firm assets under management rose 6% on-year to USD195 billion.

However, partner fee-related earnings were down 2% in first quarter at USD49 million from 12 months earlier.

Partner distributable earnings in the first quarter were 21% lower at USD61 million, reflecting lower partner realised performance revenue of USD5 million, a marked fall from USD17 million at the same point last year.

"We re-iterate our 2023 guidance and expect partner fee relating earnings to increase as we progress through 2023 driven by previously raised AuM becoming fee-paying and additional fee-paying AuM being raised," Managing Directors Ali Raissi-Dehkordy and Robert Kelly said.

"As we look forward, our healthy cash generation and strong balance sheet, positions Petershill Partners well to continue to navigate the uncertain market backdrop and take advantage of opportunities that may arise."

Shares in Petershill Partners were down 3.1% at 144.60 pence in London on Wednesday morning.

By Will Neill, Alliance News reporter

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