Saturday, 18 April 2015
Last updated 15 hours ago
Sep 11 2013 | 12:26pm ET
Swiss private-equity firm Partners Group plans to exit the hedge-fund and wealth-management businesses after posting weak first-half numbers.
The Zug-based firm said yesterday that it would sell its remaining interests in Asset Management Partners and an undisclosed hedge fund business to the firms' management. The moves will cut about €800 million from Partners' €30 billion in assets under management.
The sales are expected to be completed in the second half. Terms were not disclosed.
AMP, which Partners established in 1996 and spun off in 2002, has between 10 and 15 employees, and the hedge fund between five and 10, investor relations chief Philip Sauer told Financial News.
Partners said that its performance fees fell 35% in the first half, cutting its margin on revenue by 10 basis points to 127 basis points. But its net income, assets under management and management-fee income all rose.
"Global pension markets, our dominant sector, continue to grow," co-CEO Andre Frei said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…