Message from the Chairman and the CEO
After an exceptionally strong 2021, H1 2022 was marked by a period of market uncertainty as the world faced a new set of circumstances. We were fast confronted with the unspeakable human tragedy of the invasion of Ukraine, which remains at the forefront of our minds. Since the beginning of the conflict, our employees and Partners Group's Impact Foundation have come together to leverage our global network of portfolio companies and business partners to respond to the need for humanitarian aid.
This war elevated concerns about inflation, higher interest rates as well as energy and supply chain constraints which led to significant market volatility. Despite this more difficult market environment, we are pleased to report a solid set of financials for H1 2022 and a robust operational performance across the businesses and assets under our ownership.Message from the Chairman and the CEO
We saw a solid year-over-year increase of 18% in management fees to CHF 809m during H1 2022, driven by 19% growth in AuM in CHF. Performance fees decreased to 8% of total revenues in-line with prior guidance of 5% to 10%. This contributed to a decrease in total revenues of 22% to CHF 881 million. For the full year, we expect performance fees to be below 20% of total revenues and confidently reiterate our mid- to long-term guidance for performance fees to be in the range of 20% to 30% of total revenues.
The EBIT margin increased to 64.7% benefitting from a release of social security provisions on the firm's equity incentive plans as a result of the decrease in our share price during H1. We will continue to target a ~60% EBIT margin on new business as we continue to build our resources in anticipation of the future growth of the firm. In particular, the hiring and development of talent with operating capabilities remains a top priority.Financial Report Financial Statements