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9 Oct 2014 07:00
09 October 2014
Polar Capital Holdings plc
AUM Update
Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist asset management group, today provides its regular quarterly update of its unaudited statement of its Assets under Management ("AUM").
Group AUM (unaudited)
Polar Capital is pleased to report a further increase in its AUM over the six month period through to the end of September 2014 to $13.4bn, an increase of 1% over the $13.2bn reported at 31 March 2014 and an increase of over 17% from the $11.4bn reported at September 2013.
The table below sets out the movements in the Group's AUM over the six month period:
AUM movement Six months to 30 September 2014 | Long only funds $m | Alternative funds $m | Total $m |
As at 31 March 2014 | $12,315m | $934m | $13,249m |
Net subscriptions / (redemptions) | $(425)m | $117m | $(308)m |
Closure of EMN team | nil | $(67)m | $(67)m |
Market movement and performance | $549m | $(1)m | $548m |
Total AUM at 30 September 2014 | $12,439m | $983m | $13,422m |
Comment
There remains considerable uncertainty over the direction of the Japanese equity market and this has resulted in material outflows from our Japan UCITS fund over the last two quarters following the exceptional growth we had experienced in previous years. However, strong inflows into a number of our other products over the September quarter and a general improvement in markets since 31 March 2014 have allowed us to increase assets once again over the latest six month period.
At the end of the period we were delighted to announce the arrival of two new teams into the Polar stable, namely Guy Rushton (from Legal & General) heading up a UK Absolute Equity team and Nick Davis (from Threadneedle) heading up a European Income franchise. A UCITS product has already been launched for Guy and it is anticipated that early in the next quarter a UCITS sub fund will be launched for Nick.
We have been consistent in signalling our short term caution regarding the AUM growth of the Group given the uncertainty in the outlook for the Japanese market. Nevertheless, we believe over the medium term the Group is well placed to grow assets further, given we have a number of products that have considerable scope for more capacity and assuming no meaningful deterioration in the overall outlook for global equity markets.
Net performance fees (unaudited)
The table below sets out the position relating to net performance fees (after the deduction of staff interests) earned and accrued in the first six months of the Group's financial year. The majority of the Group's performance fees crystallise in the second half of the financial year.
Performance fees net of staff allocations | Six months to 30 Sept 13 £m | Year to 31 Mar 14 (year-end) £m | Six months to 30 Sept 14 £m |
Received | £0.0m | £7.6m | £0.0m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £4.5m | n/a | £4.2m |
Total net performance fees | £4.5m | £7.6m | £4.2m |
For further information please contact:
Polar Capital Tim Woolley (CEO) John Mansell (CFO) | +44 (0)20 7227 2700 |
Canaccord Genuity - Nomad and Broker Simon Bridges (QE) Martin Green Cameron Duncan | +44 (0)20 7523 8000
|
Camarco Ed Gascoigne-Pees
| +44 (0)20 3757 4984 |
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