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11 Jan 2018 07:00
11 January 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") and performance fees earned for the calendar year to 31 December 2017.
Group AUM (unaudited)
Polar Capital reports that as at 31 December 2017 its AUM were £11.7bn compared to £9.3bn at the end of March 2017. AUM increased by £1.1bn in the quarter of which £597m were net inflows and £507m related to market movement and performance.
AUM movement in nine months to 31 December 2017 | Long only funds | Alternative funds | Total |
AUM at 31 March 2017 | £8,447m | £826m | £9,273m |
Net subscriptions | £1,145m | £272m | £1,417m |
Market movement and performance | £952m | £65m | £1,017m |
Total AUM at 31 December 2017 | £10,544m | £1,163m | £11,707m |
Comment
The Group has had a satisfactory quarter with pleasing net inflows despite the termination of four underperforming funds during the quarter.
This update confirms that the momentum of net inflows over the past quarters has continued and the final performance fee profits for the year that crystallised at the end of December are a significant improvement on last year's figure.
It is encouraging to report that the Group's investment teams are well placed in terms of performance and fund flows to continue their growth into 2018. The Group has a firm footing from which to implement its strategy of diversifying investment strategies, client domicile and client segments.
Net performance fees (unaudited)
The table below sets out the position relating to net performance fee profits (after the deduction of staff interests) earned in the first nine months of the Group's financial year.
Performance fee profit net of staff allocations | Nine months to 31 Dec 16 | Year to 31 Mar 17 (year-end) | Nine months to 31 Dec 17* |
Net performance fee profit | £1.2m | £1.2m | £15.0m* |
\* The figures to December 2017 are enhanced by £2.4m due to the IFRS requirement for the cost of deferred staff allocations to be spread over the period of deferment. The amount of net deferral will be reflected in the Adjusted Earnings Per Share figure that will be reported at the financial year-end.
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 Margarita Mitropoulou | +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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