StepStone jumps after first-quarter profit beats expectation

StepStone

09/08/2024 18:20

** Shares of private markets investment firm StepStone Group
 STEP.O  jump 7.8% to $50.01
    ** After market close on Thursday, STEP posted Q1 adjusted
profit of 48 cents/shr topping Wall Street expectation of 35
cents/shr - LSEG data
    ** Q1 management and advisory fees jumped 29% to $178 mln,
driven by new client activity and growth in fee-earning assets
under management 
    ** Assets under management surged 19% to $169.3 bln in three
months ended June 30 
    ** Stock up 55.1% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))