(Alliance News) - Petershill Partners PLC on Tuesday reported a swing to loss as it grappled "challenging" market conditions.

Last year was Petershill's first full-year as a London listing. It listed in London back in September 2021 with an initial public offering price of 350 pence per share.

The stock was up 0.9% at 151.80 pence each in London on Tuesday morning, trading 57% below its IPO price.

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

Petershill swung to a pretax loss of USD505.1 million in 2022, from profit of USD260.5 million in 2021. It reported a USD806.7 million hit from a fall in the fair value of its investments, swinging from a USD234.0 million boost in 2021.

Total income, however, almost trebled to USD385.0 million from USD137.5 million. The figure includes management fee income, performance fee income and investment income.

Managing Directors Ali Raissi-Dehkordy, Robert Hamilton Kelly and Christian von Schimmelmann said: "2022 was our first full year as a public listed company and we have delivered on our key financial targets. Against a volatile market backdrop, the underlying operating performance of our partner-firms was encouraging."

Total partner-firm assets under management increased 21% on-year to USD283 billion from USD234 billion.

Petershill announced a final dividend of 11 cents per share, taking its total payout to 14.5 cents.

The company also intends to launch a new USD50 million buyback for 2023.

By Eric Cunha, Alliance News news editor

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