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14 Jan 2011 07:00
14 January 2011
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").
Comment
We are pleased to report an increase of 40% in our AUM to over $3.5bn in the nine month period to December 2010. The Group remains confident that its strategy of growing its established funds to capacity and expanding its product range through both hiring and acquiring new teams will continue to drive future AUM growth.
We are also pleased to confirm an increase in net performance fee receipts over the period. Such fees total £5.6m (2009: £2.3m) as a result of the continued good performance of a number of the Group's products.
Group AUM (unaudited)
The table below sets out the Group's AUM as at 31 December 2010 and the movements experienced in the nine month period since 31 March 2010:
AUM movement Nine months to 31 Dec 10 | Long only funds $m | Hedge funds $m | Total $m |
As at 31 Mar 2010 | $1,575m | $955m | $2,530m |
Performance and currency movements | $259m | $18m | $277m |
Acquisition of HIM Capital | $249m | - | $249m |
Net subscriptions / (redemptions) from ongoing businesses | $572m | $(122)m | $450m |
Total AUM at 31 Dec 10 | $2,655m | $851m | $3,506m |
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 09 £m | Year to 31 Mar 10 (year end) £m | Nine months to 31 Dec 10 £m |
Received | £1.9m | £2.5m | £5.6m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £0.4m | n/a | £0.0m |
Total net performance fees | £2.3m | £2.5m | £5.6m |
For further information please contact:
Polar Capital Tim Woolley (CEO)John Mansell (CFO) | +44 (0)20 7227 2700 |
Numis Securities Simon Blank (Nominated Adviser) Charles Farquhar (Corporate Broking) |
+44 (0)20 7260 1000 |
Financial Dynamics Ed Gascoigne-Pees Georgina Turner |
+44 (0)20 7269 7132 |
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