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12 Jan 2010 07:00
12 January 2010
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 2009 Group AUM has risen 47% since 31 March 2009 to US$2.169bn.
The table below sets out the Group's AUM as at 31 December 2009 and the movements experienced in the nine month period since 31 March 2009:
|
AUM movement nine months to 31 Dec 2009 |
Long only funds $m |
Hedge funds $m |
Advisory funds $m |
Total |
|
As at 31 March 2009 |
$746m |
$699m |
$35m |
$1,480m |
|
Performance and currency movements |
$333m |
$65m |
$5m |
$403m |
|
Net subscriptions / (redemptions) from ongoing businesses |
$191m |
$187m |
nil |
$378m |
|
Outflows from closed funds |
nil |
$(52)m |
$(40)m |
$(92)m |
|
Total AUM at 31 Dec 2009 |
$1,270m |
$899m |
nil |
$2,169m |
Comment
The AUM numbers for the nine months to 31 December 2009 show that the net inflows in the final calendar quarter have continued the trend of the preceding period. It is pleasing to report that net subscriptions in the quarter amounted to $267m bringing the net inflows for the first nine months of the year to $378m. The flows were evenly spread between long and hedge fund products. Looking into 2010, despite the possibility of challenging markets, the Company is well placed to attract further inflows on the back of the good long and short term performance of its funds which is supported by the significant breadth and depth of its sales, risk, operational and regulatory offerings.
Net performance fees (unaudited)
The table below sets out the position relating to net performance fees earned and accrued (after the deduction of manager interests) in the first nine months of the year to 31 March 2010:
|
Performance fees net of manager allocations |
Nine months to 31-Dec-08 £m |
Year to 31-Mar-09 (year end) £m |
Nine months to 31-Dec-09 £m |
|
Received |
£8.1m |
£9.9m |
£1.9m |
|
Accrued but not yet earned in funds with year ends on or before the financial year end. |
£1.6m |
n/a |
£0.4m |
|
Total performance fees |
£9.7m |
£9.9m |
£2.3m |
For further information please contact:
|
Polar Capital Tim Woolley John Mansell |
+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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