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13 Oct 2011 07:00
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13 October 2011
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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 2011 the Group's AUM increased to $3.94bn from the $3.88bn reported at 31 March 2011.
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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 2011 | Long only funds $m | Hedge funds $m | Total $m |
As at 31 March 2011 | $3,104m | $771m | $3,875m |
Performance and currency movements | $(511)m | $(54)m | $(565)m |
Net subscriptions / (redemptions) from ongoing businesses | $706m | $(73)m | $633m |
Total AUM at 30 September 2011 | $3,299m | $644m | $3,943m |
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Comment
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In spite of the turbulent market conditions we are pleased to report an increase in overall AUM for the six months to the end of September 2011. We are also pleased to report net inflows for the six month period of $633m, with $160m being received in the latest quarter. Given the ongoing uncertainty surrounding the European debt crisis, we remain cautious on the outlook for net inflows over the coming quarters.
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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 performance fees from the funds crystallise in the second half of the financial year.
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Performance fees net of staff allocations | Six months to 30 Sept 10 Β£m | Year to 31 Mar 11 (year end) Β£m | Six months to 30 Sept 11 Β£m |
Received | Β£0.5m | Β£5.7m | Β£1.5m |
Accrued but not yet earned in funds with year ends on or before the financial year end | Β£2.4m | n/a | Β£1.6m |
Total net performance fees | Β£2.9m | Β£5.7m | Β£3.1m |
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For further information please contact:
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Polar Capital Tim Woolley (CEO)John Mansell (CFO) | +44 (0)20 7227 2700 |
Β Numis Securities Richard Thomas (Nominated Adviser) Charles Farquhar (Corporate Broking) Β | Β Β +44 (0)20 7260 1000 Β |
Β F T I Consulting Ed Gascoigne-Pees Georgina Turner | Β Β +44 (0)20 7269 7132 Β |
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