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15 Apr 2021 07:00
15 April 2021 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") for the financial year to 31 March 2021.
Group AUM (unaudited)
Polar Capital reports that as at 31 March 2021 its AuM were £20.9bn compared to £12.2bn at the end of March 2020, an increase of 71% over the year. During the period, AuM increased by £8.7bn which comprised net subscriptions of £2.1bn, inflows from reported acquisitions of £1.7bn, offset by outflows from a previously reported fund closure of £0.3bn and an increase of £5.2bn related to market movement and fund performance.
AuM movement in twelve months to 31 March 2021 | Long-only funds | Alternative funds | Total |
AuM at 1 April 2020 | £11,078m | £1,083m | £12,161m |
Net subscriptions/(redemptions) | £2,130m | £(22)m | £2,108m |
Reported acquisitions | £1,618m | £81m | £1,699m |
Closure of fund | - | £(301)m | £(301)m |
Market movement and performance | £5,023m | £173m | £5,196m |
Total AuM at 31 March 2021 | £19,849m | £1,014m | £20,863m |
Gavin Rochussen, Chief Executive, commented:
"AuM increased by 10% over the quarter to 31 March and by 71% over the year from £12.2bn on 1 April 2020 to £20.9bn on 31 March 2021. The increase in AuM of £8.7bn comprised net inflows of £2.1bn, an increase of £1.7bn due to the arrival of the Phaeacian and Dalton teams, a reduction of £0.3bn due to a fund closure, and market movement and fund performance added £5.2bn.
"We are pleased to report a good finish to the financial year in terms of flow momentum with net inflows into 14 of our funds amounting to £643m in the quarter ended 31 March. The fact we have also increased our AuM to over £20bn, doubling the size of our business over three and a half years, is testament to our strategic focus of offering a diversified range of funds whilst maintaining a rigorous focus on performance and active management.
"It is also pleasing that the pipeline for flows into our Emerging Markets Stars range of funds, which have sustainability at the core of their processes, continues to remain strong as the funds approach their three-year track records at Polar Capital.
"Fund performance across our fund range in the current calendar year is resilient with 57% of our funds outperforming benchmark calendar year to date.
"On a three-year annualised basis, 78% of AuM has performed ahead of benchmark at the end of March.
"70% of AuM in our UCITS fund range is ranked in the first quartile against peers in the Lipper universe over three years.
"The integration of the Dalton business onto the Polar Capital platform continues according to schedule and is anticipated to be completed by our financial half-year end.
"We remain confident that with our diverse range of funds and focus on performance in our actively managed complementary funds we are positioned to continue to perform well for our clients and will continue to generate net inflows. The net inflow momentum of the last quarter has continued into the first two weeks of April."
Polar Capital aims to announce its results for the financial year to 31 March 2021 on 1 July 2021.
For further information please contact:
Polar Capital Gavin Rochussen (Chief Executive)John Mansell (Executive Director) Samir Ayub (Finance Director) | +44 (0)20 7227 2700 |
Numis Securities Limited - Nomad and Joint Broker Charles Farquhar Stephen Westgate Kevin Cruickshank (QE) |
+44 (0)20 7260 1000
|
Peel Hunt LLP - Joint Broker Andrew Buchanan Rishi Shah |
+44 (0)20 3597 8680 |
Camarco Ed Gascoigne-Pees Jennifer Renwick Monique Perks |
+44 (0)20 3757 4995 |
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