Investment outfit Petershill Partners sailed past estimates in its maiden set of results today as profits after tax hit $248m.
The London-listed firm, which is operated by Goldman Sachs, said it beat the expectations it had set out when it floated in last year, with partner distributable earnings climbing to $382m in the year to December 2021, up from 57 per cent on last year.
Petershill chairman Naguib Kheraj said the firm had no exposure to the Ukraine crisis and had delivered a bumper set of results in its first period as a public company
“Despite the current geopolitical uncertainty and the expectation of rising interest rates, the operating environment for our business remains positive and we are confident that our Partner-firms are well-placed to grow,” he said today.
“We have no direct exposure to Ukraine or Russia. Our Partner-firms, their funds, AuM and strategies are mostly focused on North America.”
Kheraj added that the firm was now readying for over $40bn of fee-paying assets under management to be raised by its Partner-firms in the private capital markets during 2022.
Petershill has built up 23 minority stakes in independent asset managers with an established track record, and is now looking to help drive growth in the firms and reap the rewards.
The firm floated a 25 per cent stake of the business last year in London, with Goldman Sachs controlling the majority 75 per cent stake.
Analysts at JP Morgan said the firm had delivered a strong set of result and have rated the stock as overweight with a target price of 385p, up from the current price of 265p.
Shares in Petershill jumped over four per cent today but remain down over 21 per cent on their flotation price.