Partners Group 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.
Reuters
