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12 Oct 2017 07:00
12 October 2017
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 reports that as at 30 September 2017 its AUM were £10.6bn compared to £9.3bn at the end of March 2017.
AUM movement in six months to 30 September 2017 | Long only funds | Alternative funds | Total |
AUM at 31 March 2017 | £8,447m | £826m | £9,273m |
Net subscriptions / (redemptions) | £656m | £164m | £820m |
Market movement and performance | £494m | £16m | £510m |
Total AUM at 30 September 2017 | £9,597m | £1,006m | £10,603m |
Net performance fees (unaudited)
The table below sets out the position relating to net performance fee profits due to the Group (after the deduction of staff interests) as a product of accrued performance fees in funds managed by the Group three months before the strike point of such performance fee receipts. 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 16
|
Year to 31 Mar 17 (year-end)
| Six months to 30 Sept 17
|
Received
| £0.0m | £1.2m | £0.0m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £2.8m | n/a | £9.6m |
Total net performance fees | £2.8m | £1.2m |
£9.6m
|
Comment
The Group has had a satisfactory quarter, in terms of both performance and flows.
As is usual at the time of releasing this update, three months before the crystallisation of performance fees, we disclose the profits that could be due to Polar as a function of the amount of accrued performance fees in our funds as at the end of September. Although there is no certainty that the fees will be sustained over the next quarter, the quantum of net performance fee receipts is a marked improvement on the position of twelve months ago; the figure reflects the pleasing performance of the Group's funds - the key driver of the business.
It is also gratifying to report another quarter of positive net inflows with over £350m received in the quarter following our first quarter of over £450m of net inflows. The flows this quarter were seen across a number of strategies including: our two UK strategies, Technology, Healthcare, Insurance, Income Opportunities and European Income. The current quarter has started in an encouraging fashion following the successful launch of the Automation and Artificial Intelligence Fund.
The Group now has a funding requirement for its Long-Term Incentive Plan ("LTIP") and believes that buying stock in the market on behalf of the Employee Benefit Trust ("EBT") is an efficient way to ameliorate the dilutive effects of issuing shares. The Group continues to enjoy a strong balance sheet and capital position and therefore wishes the market to be aware that in future it may use the buyback authority granted it by shareholders at the Group's Annual General Meeting.
For further information please contact:
Polar Capital Gavin Rochussen (Chief Executive) John Mansell (COO) | +44 (0)20 7227 2700 |
Canaccord Genuity - Nomad and Joint Broker Simon Bridges (QE) Andrew Buchanan |
+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 |
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