LONDON, July 17 Swiss investment manager
Partners Group increased total assets under management
by to 33.8 billion euros ($46 billion) in the first half of
2014, up 7 percent on the end of last year, boosted by a retreat
from bonds by yield-hungry investors.
The firm reported gross new client money of 2.9 billion
euros in the six months to June 30 and restated its expectation
of 4.5-6.5 billion euros coming in over the full year.
It was helped by traditionally bond-heavy investors such as
pension funds ramping up private asset allocations as
rock-bottom interest rates kept bond yields low.
Partners Group, which puts its money in private equity,
infrastructure, debt and real estate, said on Thursday that it
invested a total of $4.2 billion in the period.
"All investors are looking for yield based on very low
returns from their bond portfolios," Chief Financial Officer
Cyrill Wipli said.
The firm added that customised investment programmes were
increasingly attractive and had inched up to represent more than
20 percent of total assets under management.
Private equity accounted for the biggest share of
investments at 20.7 billion euros, up from 20.1 billion euros at
the end of 2013.
"The private equity market remains very competitive,
especially for quality investments," said co-CEO Andre Frei,
adding that debt availability was creating a "heated
environment" that was pushing up asset prices.
The company said that it had made 45 direct investments
globally over the period, with 23 in Europe, but had opened an
office in Mumbai as part of its drive into the Asia-Pacific
($1 = 0.7389 Euros)
(Reporting By Freya Berry; Editing by David Goodman)