Last checked at 13 Jan 2012 07:00
13 January 2012
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)
As at 31 December 2011 the Group's AUM increased to $4.24bn from the $3.88bn reported at 31 March 2011.
The table below sets out the movements in the Group's AUM over the nine month period:
AUM movement Nine months to 31 December 2011 | Long only funds $m | Hedge funds $m | Total $m |
As at 31 March 2011 | $3,104m | $771m | $3,875m |
Performance and currency movements | $(430)m | $(32)m | $(462)m |
Net subscriptions / (redemptions) | $889m | $(63)m | $826m |
Total AUM at 31 December 2011 | $3,563m | $676m | $4,239m |
Comment
In spite of the turbulent market conditions we are pleased to report an increase in overall AUM for the nine months to the end of December 2011. We are also pleased to report net inflows for the nine month period of $826m, with $193m being received in the latest quarter. Despite the encouraging positive flows, given the ongoing uncertainty surrounding the European debt crisis, we continue to be cautious regarding the outlook for net inflows over the coming quarters.
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 10 £m | Year to 31 Mar 11 (year end) £m | Nine months to 31 Dec 11 £m |
Received | £5.6m | £5.7m | £3.7m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £0.0m | n/a | £0.3m |
Total net performance fees | £5.6m | £5.7m | £4.0m |
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 Cameron Duncan | +44 (0)20 7050 6500
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F T I Consulting Ed Gascoigne-Pees Jack Hickey | +44 (0)20 7269 7132 |