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Pin to quick picksPolar Capital Regulatory News (POLR)

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AUM Update

11 Oct 2018 07:00

RNS Number : 6489D
Polar Capital Holdings PLC
11 October 2018
 

11 October 2018 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 2018 its AUM were £14.7bn compared to £12.0bn at the end of March 2018.

 

AUM movement in six months to 30 September 2018

Long only

funds

Alternative funds

Total

AUM at

1 April 2018

£10,812m

£1,168m

£11,980m

Net subscriptions

/ (redemptions)

£739m

£193m

£932m

Market movement

and performance

£1,668m

£133m

£1,801m

Total AUM at

30 September 2018

£13,219m

£1,494m

£14,713m

 

 

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 17

Year to

31 Mar 18

(year-end)

Six months to

30 Sept 18

Received

£0.0m

£15.3m

£5.5m

Accrued but not yet earned in funds with year ends on or before the financial year end

£9.6m

n/a

£27.0m*

Total net performance fee profits

£9.6m

£15.3m

£32.5m*

 

*the figures benefit from £4.6m of net performance fee distributions that will be deferred into future accounting periods that IFRS do not allow to be deducted from this year's receipts.

 

 

Comment

 

The Group has had another 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. There is no certainty that the fees will be sustained over the next quarter, as performance fee receipts are extremely volatile, but nevertheless the quantum of potential net performance fee receipts is a marked improvement on the position of 2017, which itself was a record year in terms of such performance fee profitability.

 

It is also reassuring to report another quarter of positive net inflows with close to £240m received in the quarter following our first quarter of over £690m of net inflows. The flows this quarter were seen across a number of strategies including: our Technology, Healthcare, Insurance, Convertibles and UK Value strategies. In addition, we have successfully launched our EM Stars, China Stars and China Mercury funds.

 

 

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)

David Tyrrell

 

+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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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