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15 Oct 2009 07:00
15 October 2009
Polar Capital Holdings plc
AUM Update
Polar Capital Holdings plc (the "Company"), the specialist asset management group, today provides its regular quarterly update of its unaudited statement of its Assets under Management ("AUM").
Comment
The AUM numbers are encouraging. In our last update we indicated that the industry was beginning to witness a change in sentiment and this new update supports that position. The net redemptions of $137m in the first quarter have been replaced by net subscriptions in the second quarter of $248m leading to a positive net subscription figure for the first six months of $111m.
Although we believe that investment markets will continue to be challenging we are reasonably comfortable that our continued strong relative and absolute performance should result in a more extended period of investor inflows into both our hedge and our long only funds.
Group AUM (unaudited)
In the six months to 30 September 2009 the Company's AUM have risen 28% to US$1.899bn.
The table below sets out the Company's AUM as at 30 September 2009 and the movements experienced in the six months since the Company's year end:
|
AUM movement six months to 30 Sept 2009 |
Long only funds $m |
Hedge funds $m |
Advisory funds $m |
Total $m |
|
As at 31 March 2009 |
$746m |
$699m |
$35m |
$1,480m |
|
Performance and currency movements |
$283m |
$78m |
$5m |
$366m |
|
Net subscriptions / (redemptions) from ongoing businesses |
$57m |
$54m |
nil |
$111m |
|
Outflows from closed funds |
nil |
$(21)m |
$(37)m |
$(58)m |
|
Total AUM at 30 Sept 2009 |
$1,086m |
$810m |
$3m |
$1,899m |
Net performance fees (unaudited)
The table below sets out the position relating to net performance fees (after the deduction of manager's interests) earned and accrued in the first six months of the Company's financial year. The bulk of performance fees from the funds crystallise in the second half of the financial year.
|
Performance fees net of manager allocations |
Six months to 30 Sept 08 £m |
Year to 31 Mar 09 (year end) £m |
Six months to 30 Sept 09 £m |
|
Received |
£0.0m |
£9.9m |
£0.1m |
|
Accrued but not yet earned in funds with year ends on or before the financial year end |
£4.6m |
n/a |
£1.7m |
|
Total performance fees |
£4.6m |
£9.9m |
£1.8m |
For further information please contact:
|
Polar Capital Mark Kary John Mansell |
+44 (0)20 7227 2700 |
|
Numis Securities Lee Aston (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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