The Swiss asset manager believes its stock will bounce back from a coronavirus-induced global slump in equities – and is putting its own money to work as a result.
Shares in Partners Group fell in recent weeks from a record high of 960 Swiss francs to 554 francs. The Zug-based asset manager appears convinced this is merely a dip.
As a result, the company is bringing forward a share buyback it uses to underpin employee stock awards. Instead of buying 170 million francs in its own stock by August, Partners will head into the market now, it said in a statement on Wednesday.
Cautious on 2020
In coming weeks, Partners will concentrate its buyback efforts. «Based on the stability of our business and the positive long-term growth outlook, we will bring forward the firm's ongoing treasury share purchase program as the current level of the share price appears highly attractive,» Chairman Steffen Meister said.
Partners, which has $94 billion in private market investments, has a boon 2019, as finews.com reported on Wednesday. The company cautioned that its business – and especially commitments from clients in the illiquid investment style – is certain this year amid the economic slowdown caused by the pandemic.
