Pollen Street PLC on Thursday said that asset under management grew in 2022 following a ‘transformative year’ in which Pollen Street Capital Holdings Ltd and Honeycomb Investment Trust PLC combined to form Pollen Street, completed in September.

The London, England-based asset manager said pretax profit fell to £26.8 million in 2022, down from £30.3 million in 2021. The company explained that profit fell due to a higher head count and inflation. Assets under management in the year grew to £3.4 billion at December 31 from £3.0 billion at the same time a year prior, supported by a 36% rise in credit AuM.

Pollen Street noted that the fundraising market was more challenging over 2022 and into 2023, as managers reported that fundraises were smaller than expected or taking longer to complete.

Net asset value at December 31 decreased 12% to 899.5 pence each from 1,019.1p at the same time a year prior. Net investment asset return over the year is 8.0%, down from 8.5% the year prior.

Pollen Street shares fell 1.6% to 546.00 pence each on Thursday morning in London.

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