Corrected: Partners Group to stick with strategy, chairman tells paper
CORRECTED-Partners Group to stick with strategy, chairman tells paper Share price decline was on Wednesday, not Thursday
ZURICH, June 6 (Reuters) - Partners Group PGHN.S will maintain its strategy of attracting wealthy private clients, the company's chairman told Swiss newspaper Neue Zuercher Zeitung, despite a sharp downturn in the asset manager's shares after it capped withdrawals by customers.
The Swiss asset manager is limiting withdrawals from two of its evergreen funds after they exceeded the 5% quarterly limit. The announcement sent the shares down 16% on Wednesday before recovering slightly later in the week.
• "The withdrawals relate to individual products designed for the asset management of private clients," chairman Steffen Meister told the newspaper. "People often forget that 80 per cent of our clients are institutional investors.”
• "This does not alter our expansion of the smaller business with wealthy private individuals," he said. "But we will be reviewing the distribution channels and the size of the evergreen funds,” Meister added.
(Reporting by John Revill)
((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net))
Recent news on Partners Holding AG
See all newsGermany's PNE could be valued at more than $1.2 billion as bid deadline nears, sources say (updated)
Germany's PNE could be valued at more than $1.2 billion as bid deadline nears, sources say
Partners Group to split London investment trust as more clients seek exit (updated)
Corrected: Partners Group proposes dual share class structure for private equity investment trust
Investors choosier about private markets after turbulence, say pension fund advisers