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14 Jan 2016 07:00
14 January 2016
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)
The table below sets out the movements in the Group's AUM over the nine month period. For the first time the AUM figures are shown in both US dollars as has historically been the practice and British pounds sterling the currency of the Group's financial statements.
Polar Capital reports that as at 31 December 2015 its AUM were $11.9bn (£8.1bn) compared to $12.3bn (£8.3bn) at the end of March 2015.
AUM movement in nine months to 31 December 2015 | USD | GBP | ||||
Long only Funds | Alternative funds | Total | Long only funds | Alternative funds | Total | |
AUM at 31 March 2015 | $11,185m | $1,071m | $12,256m | £7,548m | £723m | £8,271m |
Net subscriptions / (redemptions) | $(436)m | $67m | $(369)m | £(286)m | £44m | £(242)m |
Market movement and performance | $1m | $(13)m | $(12)m | £34m | £(4)m | £30m |
Total AUM at 31 December 2015 | $10,750m | $1,125m | $11,875m | £7,296m | £763m | £8,059m |
Comment
Despite the challenging market conditions we were pleased to return to net inflows for the December quarter which totalled $341m (£218m). Our main Japan fund continued to see redemptions but at a much reduced level compared to previous quarters.
For the first time since 2008 our highly successful Forager fund did not contribute to the overall performance fee figure as it was marginally down for the year. The overall amount of performance fees earned in the year was therefore somewhat lower than we would have anticipated at the start of the year.
The short-term outlook for markets is highly uncertain although we remain optimistic on the outlook for growing our assets and profits over the longer term given the breadth of our product offering and the long term performance record across our funds. This can be evidenced by the fact that as shown below, 12 of our 17 Lipper rated open ended funds (those with at least a one year track record) are first or second quartile over one year, continuing the excellent record since inception.
| 1 year | 3 Years | 5 years | Since inception |
1st quartile | 8 funds | 5 funds | 3 funds | 11 funds |
2nd quartile | 4 funds | 3 funds | 2 funds | 4 funds |
3rd quartile | 2 funds | 3 funds | 2 funds | 2 funds |
4th quartile | 3 funds | 1 fund | N/A | N/A |
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 14 | Year to 31 Mar 15 (year-end) | Nine months to 31 Dec 15 |
Received | £5.1m | £5.2m | £3.0m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £0.3m | - | - |
Total net performance fees | £5.4m | £5.2m | £3.0m |
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) 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 |
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