Proactive Investors - Pollen Street PLC (LON:POLNP) said headline assets under management (AuM) was £3.3bn by the end of the third quarter, growing in line with previously issued guidance.
According to a statement from the asset management firm, growth was driven by capital raising under a credit strategy, with AuM for credit growing at a rate of 30% to 40% per year.
For the three months to 30 September 2022, Pollen Street said it delivered a return on net investment assets of 2%.
Its asset portfolio is “performing well” with a risk-adjusted yield of 9.5% per annum, with its portfolio well positioned for interest rate rises, the company said.
“Pollen Street has continued to grow over the third quarter with AuM under the credit strategy increasing at a rate of 30% to 40% per annum over the year to date,” said chief executive Lindsey McMurray.
The company was formed from the combination of Honeycomb Investment Trust and Pollen Street Capital Holdings, which completed on 30 September.
"As we look ahead we are confident in a resilient outlook for our newly combined entity and that we will continue to see growth in line with guidance," Murray said.
Despite the uncertain macro-economic environment, Pollen Street said it is well positioned for an opportunity to continue growing and delivering returns for shareholders.
“We are steadily building investor relationships and AuM across the asset management business in line with our medium-term guidance and our balance sheet assets are well positioned to withstand significant macro stress. The uncertain environment is also presenting opportunities with higher returns at prudent loan to value (LTV) ratios,” a company statement said.