Last checked at 12 Jan 2017 07:00
12 January 2017
Polar Capital Holdings plc
AUM Update
Polar Capital Holdings plc ("Polar Capital" or the "Group"), the boutique investment management group, today provides its regular quarterly update of its unaudited statement of its Assets under Management ("AUM").
Group AUM (unaudited)
Polar Capital reports that as at 31 December 2016 its AUM were £8.4bn compared to £7.3bn at the end of March 2016.
AUM movement in nine months to 31 December 2016 | USD | GBP | ||||
Long only Funds | Alternative funds | Total | Long only funds | Alternative funds | Total | |
AUM at 31 March 2016 | $9,378m | $1,054m | $10,432m | £6,531m | £734m | £7,265m |
Net subscriptions / (redemptions) | $(722)m | $56m | $(666)m | £(493)m | £45m | £(448)m |
Market movement and performance | $653m | $(45)m | $608m | £1,506m | £84m | £1,590m |
Total AUM at 31 December 2016 | $9,309m | $1,065m | $10,374m | £7,544m | £863m | £8,407m |
Comment
In mid-December we released our interim results and at the time provided guidance that the US election result in November had triggered a noticeable change in flows into our funds. December has continued in the same vein that November finished and it is pleasing to report that more than £100m of net inflows were received in the month into our products, giving a total net flow for the quarter of over £300m.
On a less positive note the performance fees earned in the year were below the level of last year although this was the 16th consecutive year that such fees have been earned.
Whilst this was not our best year in terms of overall investment performance, our medium and longer term performance numbers on our UCITS products remain extremely strong, as shown in the table below. Thirteen of our eighteen Lipper rated UCITS funds are top quartile since launch, eight of which are top decile, whilst the other five funds are second quartile (as at 31 December 2016).
| 1 year | 3 years | 5 years | Since inception |
1st quartile | 7 funds | 8 funds | 6 funds | 13 funds |
2nd quartile | 5 funds | 2 funds | 2 funds | 5 funds |
3rd quartile | 6 funds | 3 funds | 1 fund | 0 funds |
4th quartile | 0 funds | 1 fund | 1 fund | 0 funds |
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 nine months of the Group's financial year.
Performance fees net of staff allocations | Nine months to 31 Dec 15 | Year to 31 Mar 16 (year-end) | Nine months to 31 Dec 16 |
Received | £3.0m | £3.0m | £1.1m |
Accrued but not yet earned in funds with year ends on or before the financial year end | - | - | - |
Total net performance fees | £3.0m | £3.0m | £1.1m |
For further information please contact:
Polar Capital Tim Woolley (CEO)John Mansell (COO) | +44 (0)20 7227 2700 |
Canaccord Genuity - Nomad and Joint Broker Simon Bridges (QE) Andrew Buchanan Kit Stephenson | +44 (0)20 7523 8000
|
Peel Hunt - Joint Broker Guy Wiehahn | +44 (0)20 7418 8893 |
Camarco Ed Gascoigne-Pees
| +44 (0)20 3757 4984 |