Partners Group Replaces CEO as Shares Fall
Partners Group announced its CEO is stepping down and lowered its revenue guidance. First-half net profit fell 13 percent, pushing company shares down further amid client withdrawal concerns.
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PARTNERS GROUP HOLDING AG replaced its chief executive and reported a 13% fall in first-half net profit to 502 million Swiss francs ($620M), sending shares down 7% on Tuesday afternoon. The Swiss private equity firm is grappling with client exits and fund performance concerns after capping retail withdrawals in June. Shares have lost about a third of their value this year in Switzerland.
