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12 Jan 2010 07:00
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12Β January 2010
Polar Capital Holdings plc
AUMΒ Update
Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist asset management group, today providesΒ its regular quarterlyΒ updateΒ of itsΒ unauditedΒ statement of itsΒ Assets under ManagementΒ ("AUM").
Group AUMΒ (unaudited)
As at 31 December 2009Β Group AUMΒ hasΒ risenΒ 47%Β since 31 March 2009Β to US$2.169bn.Β
The table below sets out the Group's AUM as atΒ 31Β DecemberΒ 2009Β and the movements experienced in theΒ nineΒ monthΒ periodΒ 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 firstΒ nineΒ months of the year to $378m. The flows were evenly spreadΒ betweenΒ 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 fundsΒ which is supported by the significantΒ breadth and depth of its sales, risk, operational and regulatory offerings.
NetΒ performance feesΒ (unaudited)
The table below sets out the position relating toΒ netΒ performanceΒ fees earned and accruedΒ (after the deduction of manager interests)Β inΒ theΒ first nine months of the yearΒ to 31 March 2010:
|
Performance fees net of manager allocations |
NineΒ months to 31-Dec-08 Β£m |
Year to 31-Mar-09 (year end) Β£m |
NineΒ months to 31-Dec-09 Β£m |
|
ReceivedΒ |
Β£8.1m |
Β£9.9m |
Β£1.9m |
|
Accrued but not yet earned in funds with year ends on or before the financial year end. |
Β£1.6m |
n/a |
Β£0.4m |
|
Total performance fees |
Β£9.7m |
Β£9.9m |
Β£2.3m |
For further information please contact:
|
Polar Capital Tim Woolley John Mansell |
+44 (0)20 7227 2700 |
|
Numis Securities Simon Blank (Nominated Adviser)Β Charles Farquhar (Corporate Broking) |
+44 (0)20Β 7260 1000 |
|
Financial DynamicsΒ Ed Gascoigne-Pees GeorginaΒ Turner |
+44 (0)20 7269 7132 |
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