Published 21d ago2026-09-01 03:54:28

Partners Group Replaces CEO as Lower Performance Income Weighs on Interim Profit

Partners Group (PGHN.SW) is replacing its chief executive with two new officials as it reported a drop in first-half profit amid a decline in performance fees.

The Swiss private equity group said Tuesday that David Layton will step down as CEO and from the executive team to become chief investment officer, effective at the start of 2027.

Layton, who initially served as co-CEO since 2019 and as sole chief executive since 2021, will be replaced by company partners Roberto Cagnati and Juri Jenkner. Cagnati most recently served as head of portfolio solutions and chief risk officer, while Jenkner is president and head of business development.

The reshuffle comes as the company reported weaker performance in the first six months of 2026, with profit for the period dropping year over year to 502 million francs from 578 million francs. Revenue fell to 1.12 billion francs from 1.21 billion francs, driven by a 39% fall in performance income to 216 million francs, representing 19% of the total topline.

For full year 2026, Partners Group expects performance income to range between 20% and 25% of revenue. The company confirmed its mid- to long-term guidance for performance income of between 25% and 40% of revenue.

Shares of the company dropped over 8% in early Tuesday trading.

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US Markets21d ago

Japan's Manufacturing PMI Climbs in August on Semiconductor Demand, S&P Says

Japan's manufacturing sector growth accelerated in August, propelled by strong demand for semiconductors and artificial intelligence-related products,The final S&P Global Japan Manufacturing Purchasing Managers' Index (PMI) rose to 54.9 in August from 54.5 in July. While easing slightly from the flash estimate of 55.1, the reading marked the highest level since April and the second-steepest expansion since January 2022. A reading above 50 indicates improved sector performance, while anything below signals contraction.The increase in new business was the sharpest seen since January 2018 due to a rise in new orders, particularly from the technology sector, which saw the most significant increase in over eight and a half years, S&P said.New export orders surged the quickest since 2018 following demand coming from North America, Southeast Asia, and China, according to S&P.Employment also surged amid an expansion of operating capacity, with job creation rates accelerating the fastest since February 2018, S&P said.Despite the rise in demand, price pressures are still a "key concern" due to the tensions in the Middle East, with costs impacted by chokepoints in the Strait of Hormuz, but "there are tentative signs that delivery delays have eased somewhat over the past two months," S&P Global Market Intelligence Economics Associate Director Annabel Fiddes said in a note.Japan's manufacturing sector remained optimistic about output increases over the next year in August, with positive sentiments the highest in six months.Companies also expect further increases in customer demand for AI and semiconductors, according to S&P Global.

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US Markets21d ago

Private Survey Shows China's Manufacturing Activity Accelerates in August, Diverging From Government Data

China's manufacturing sector expanded at a faster pace in August, contrasting with official figures that showed broader factory activity remaining in contraction territory.The seasonally adjusted RatingDog China General Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 51.5 in August from 50.9 in July, maintaining its position above the 50.0 neutral threshold that separates growth from contraction.The improvement was driven by an increase in new orders and demand, which elevated backlogs and created higher cost pressures for manufacturers. Meanwhile, employment remained relatively steady, and business confidence for the coming 12 months stayed positive."New export business rose at the fastest pace in six months, driven by strong growth in the consumer goods sector. Manufacturing output expanded for the ninth successive month, with the rate of growth reaching a three-month high, supported by stronger demand and capacity expansion," said RatingDog founder Yao Yu.In contrast, the official manufacturing PMI released by the National Bureau of Statistics on Monday came in at 49.8 for August. While improving from July's reading of 49.2 and beating the consensus market forecast of 49.5, the official index remained below the 50-point line for the second consecutive month.Analysts from ANZ noted that the data highlights an uneven economic transition within China."Exports are resilient, but the local service sector has not benefited much," ANZ economists Raymond Yeung, Zhaopeng Xing and Vicky Xiao Zhou said in a Monday note. They added that rising input and output price pressures reflect renewed tensions in the Middle East, which could point toward a firmer Producer Price Index print.

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US Markets21d ago

Australia's Manufacturing Sector Remains Flat in August Amid Mixed Performance

Australia's manufacturing sector remained unchanged in August as the industry remained flat, with growth in new orders offset by a slight fall in production.The headline seasonally adjusted S&P Global Australia Manufacturing Purchasing Managers' Index (PMI) was unchanged at 52 in August, still above the 50-mark that signals expansion.Business confidence and new orders strengthened in August, supporting further job creation, though production fell slightly and purchasing was scaled back amid marked input costs and supply-chain pressures.New orders rose at the sharpest pace since January, with new export orders also returning to growth, while manufacturer confidence strengthened for the fourth consecutive month from April's recent low to reach its highest since February.Job creation helped firms reduce backlogs of work, which fell to their largest extent in just over a year, with staffing increases reflecting a mix of contract workers and longer-term hires linked to expansion plans.Input cost inflation quickened slightly in August, though it remained below levels typically seen since the start of the Middle East conflict, with higher freight and fuel costs widely cited, while output price inflation eased for the third consecutive month to its slowest since February.Supply chain disruptions linked to the Middle East conflict continued to weigh heavily on the sector, with supplier delivery times lengthening sharply and panellists noting international shipping delays and delivery consolidations by suppliers seeking to limit freight costs.

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