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16 Jan 2014 07:00
16 January 2014
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 Assets under Management ("AUM").
Group AUM (unaudited)
As at 31 December 2013 the Group's AUM had increased by 80% to $13.0bn from the $7.2bn reported at 31 March 2013 and by 14% from the figure of $11.4bn reported at 30 September 2013.
The table below sets out the movements in the Group's AUM over the nine month period:
AUM movement Nine months to 31 December 2013 | Long only funds $m | Alternative funds $m | Total $m |
As at 31 March 2013 | $6,371m | $837m | $7,208m |
Net subscriptions | $4,186m | $2m | $4,188m |
Closure of UK team | $(252)m | $(41)m | $(293)m |
Market movement and performance | $1,814m | $87m | $1,901m |
Total AUM at 31 December 2013 | $12,119m | $885m | $13,004m |
Comment
As we cautioned at the interim results, our net inflows for our third quarter, at just under $1bn, were below the levels seen in the previous two quarters, although it was pleasing to see inflows continue across a wide range of strategies.
Markets have made an uncertain start to 2014, but assuming market conditions do not deteriorate, we remain well positioned to grow assets further in 2014.
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 12 £m | Year to 31 Mar 13 (year-end) £m | Nine months to 31 Dec 13 £m |
Received | £5.1m | £5.5m | £7.5m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £0.3m | n/a | £0.1m |
Total net performance fees | £5.4m | £5.5m | £7.6m |
For further information please contact:
Polar Capital Tim Woolley (CEO)John Mansell (CFO) | +44 (0)20 7227 2700 |
Canaccord Genuity - Nomad and Broker Simon Bridges (QE) Martin Green Cameron Duncan | +44 (0)20 7523 8000
|
F T I Consulting Neil Doyle Jack Hickey | +44 (0)20 7269 7132 |
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