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17 Oct 2013 07:00
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17 October 2013
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Polar Capital Holdings plc
AUM Update
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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").
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Group AUMΒ (unaudited)
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As at 30 September 2013 the Group's AUM increased by 58% to $11.4bn from the $7.2bn reported at 31 March 2013. This also represents over a 100% increase in AUM from the $5.3bn reported at 30 September 2012.
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The table below sets out the movements in the Group's AUM over the six month period:
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AUM movement Six months to 30 September 2013 | Long only funds $m | Alternative funds $m | Total $m |
As at 31 March 2013 | $6,371m | $837m | $7,208m |
Net subscriptions | $3,239m | $6m | $3,245m |
Market movement and performance | $916m | $39m | $955m |
Total AUM at 30 September 2013 | $10,526m | $882m | $11,408m |
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Comment
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Polar Capital recorded $3.2bn of net inflows in its first half year with a surprisingly high level of inflows in the historically slower summer second quarter amounting to $1.4bn.
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In the quarter just commenced the Group's UK team will be leaving Polar Capital. It is not currently expected that a replacement UK team will be recruited. This will result in an outflow (at current market levels) of $293m of AUM in the December quarter.
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Our overall strategy continues to be based on the presence of ten to twelve world class investment teams. The departure of the UK team will leave ten teams in place leaving further scope to add additional teams should the opportunity arise.
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Given the renewed uncertainly in markets over recent weeks we would expect the levels of net inflows to be less certain and possibly materially lower in the upcoming quarters notwithstanding the loss of the UK related assets. The Group believes that despite this qualification it remains well positioned to grow both assets and profitability further over the longer term.
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Net performance fees (unaudited)
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The table below sets out the position relating to net performance fees (after the deduction of staff interests) earned and accrued in the first six months of the Group's financial year. The majority of the Group's performance fees crystallise in the second half of the financial year.
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Performance fees net of staff allocations | Six months to 30 Sept 12 Β£m | Year to 31 Mar 13 (year-end) Β£m | Six months to 30 Sept 13 Β£m |
Received | Β£0.0m | Β£5.5m | Β£0.0m |
Accrued but not yet earned in funds with year ends on or before the financial year end | Β£4.2m | n/a | Β£4.5m |
Total net performance fees | Β£4.2m | Β£5.5m | Β£4.5m |
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For further information please contact:
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Polar Capital Tim Woolley (CEO)John Mansell (CFO) Canaccord Genuity - Nomad and Broker Simon Bridges (QE) Martin Green Cameron Duncan F T I Consulting Neil Doyle Jack Hickey Β Β | +44 (0)20 7227 2700 Β Β +44 (0)20 7523 8000 Β Β +44 (0)20 7269 7132 | ||||
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