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15 Oct 2009 07:00
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15Β OctoberΒ 2009
Polar Capital Holdings plc
AUMΒ Update
Polar Capital Holdings plc (the "Company"), the specialist asset management group, today providesΒ its regular quarterlyΒ updateΒ of itsΒ unauditedΒ statement of itsΒ Assets under ManagementΒ ("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in sentiment and thisΒ new update supports that position.Β The net redemptions of $137m in the first quarter have been replaced by net subscriptions in the second quarter of $248m leading to a positive net subscription figure for the firstΒ sixΒ months of $111m.
AlthoughΒ we believeΒ that investment markets will continue to beΒ 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 AUMΒ (unaudited)
In the sixΒ months toΒ 30Β SeptemberΒ 2009 theΒ Company'sΒ AUMΒ haveΒ risenΒ 28%Β to US$1.899bn.
The tableΒ below setsΒ out theΒ Company's AUM as atΒ 30 SeptemberΒ 2009Β and the movements experienced in theΒ sixΒ monthsΒ since theΒ Company's year end:
|
AUM movement sixΒ months toΒ 30Β SeptΒ 2009 |
LongΒ only funds $m |
HedgeΒ funds $m |
AdvisoryΒ funds $m |
Total $m |
|
As at 31Β 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 fromΒ closedΒ funds |
nil |
$(21)m |
$(37)m |
$(58)m |
|
Total AUM atΒ 30 SeptΒ 2009 |
$1,086m |
$810m |
$3m |
$1,899m |
Net performance feesΒ (unaudited)
The table below sets out the position relating to net performance feesΒ (after the deduction of manager's interests)Β earned and accrued in the first six months ofΒ theΒ Company'sΒ financial year. The bulk of performance fees from the funds crystallise in the second half of theΒ financialΒ year.
|
Performance fees netΒ of manager allocations |
SixΒ months to 30 Sept 08 Β£m |
Year to 31 Mar 09 (year end) Β£m |
SixΒ months to 30 Sept 09 Β£m |
|
ReceivedΒ |
Β£0.0m |
Β£9.9m |
Β£0.1m |
|
Accrued but not yet earned in funds with year ends on or beforeΒ the financial year end |
Β£4.6m |
n/a |
Β£1.7m |
|
Total performance fees |
Β£4.6m |
Β£9.9m |
Β£1.8m |
For further information please contact:
|
Polar Capital Mark Kary John Mansell |
+44 (0)20 7227 2700 |
|
Numis Securities Lee AstonΒ (Nominated Adviser) Charles FarquharΒ (Corporate Broking) |
+44 (0)20Β 7260 1000 |
|
Financial DynamicsΒ Ed Gascoigne-Pees GeorginaΒ Turner |
+44 (0)20 7269 7132 |
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