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24 Apr 2009 07:00
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24Β AprilΒ 2009
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").
Comment
As announced on 16 January 2009, the Group expected approximately $900m of redemptions and outflows from closed funds in the Group's final quarter due to the maelstrom that struck the industry and the closure of the Paragon Fund. Total net outflows and redemptions in this quarter have been in line with those expectations. It can be confirmed that the flow of redemptions experienced over the preceding 6 months has slowed and the Group now looks forward to the time when investor sentiment changes and net subscriptions return.Β
The Group is weathering these extremely difficult conditions and believes that its portfolio of high quality long only and hedge fund products will place it in a strong position when the environment improves.
Group AUMΒ (unaudited)
As at 31Β March 2009Β Group AUMΒ has fallenΒ 40%Β since 31Β DecemberΒ 2008Β to US$1.48bn.
The tablesΒ below setΒ out the Group's AUM as atΒ 31Β March 2009Β and the movements experienced in theΒ 3Β monthΒ andΒ 12Β monthΒ periodsΒ toΒ 31Β March 2009:
|
AUM movement 3Β months toΒ 31 March 2009 |
Long $m |
Hedge $m |
Advisory $m |
Total $m |
|
As at 31Β DecemberΒ 2008 |
$811m |
$1,602m |
$37m |
$2,450m |
|
Performance and currency movements |
$(62)m |
$6m |
$(1)m |
$(57)m |
|
Net subscriptions / (redemptions) from ongoing businesses |
$(3)m |
$(73)m |
$(1)m |
$(77)m |
|
Outflows fromΒ closedΒ funds |
nil |
$(836)m |
nil |
$(836)m |
|
Total AUM atΒ 31 March 2009 |
$746m |
$699m |
$35m |
$1,480m |
|
AUM movement 12Β months toΒ 31Β MarchΒ 2009 |
Long $m |
Hedge $m |
Advisory $m |
Total $m |
|
As atΒ 31Β March 2008 |
$1,016m |
$2,005m |
$122m |
$3,143m |
|
Performance and currency movements |
$(316)m |
$(144)m |
$(24)m |
$(484)m |
|
Net subscriptionsΒ /Β (redemptions)Β from ongoing businesses |
$46mΒ |
$(170)m |
$(63)m |
$(187)m |
|
Net outflows fromΒ closedΒ fundsΒ (i.e. incl. subs into closed funds) |
nil |
$(992)m |
nil |
$(992)m |
|
Total AUM atΒ 31Β MarchΒ 2009 |
$746m |
$699m |
$35m |
$1,480m |
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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