15 Jan 2015 07:00
15 January 2015
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)
Polar Capital reports that as at 31 December 2014 its AUM were $12.9bn compared to $13.0bn at the end of December 2013 and $13.2bn at the end of March 2014.
The table below sets out the movements in the Group's AUM over the nine month period:
AUM movement Nine months to 31 December 2014 | Long only funds $m | Alternative funds $m | Total $m |
As at 31 March 2014 | $12,315m | $934m | $13,249m |
Net subscriptions / (redemptions) | $(1,251)m | $193m | $(1,058)m |
Closure of EMN team | nil | $(67)m | $(67)m |
Market movement and performance | $763m | $(23)m | $740m |
Total AUM at 31 December 2014 | $11,827m | $1,037m | $12,864m |
Comment
As reported at our interim results there remains considerable uncertainty over the direction of the Japanese equity market and this has resulted in material outflows of over $1.5bn from our Japan business over the last three quarters. This follows the exceptional growth we had experienced in previous years. These Japan outflows have overshadowed some good inflows into a number of our other products over the year.
In the last quarter we launched two new sub funds in our UCITS product range; a UK Absolute Equity Fund managed by Guy Rushton and a European Income Fund managed by Nick Davis. Both funds have got off to an encouraging start.
We have been consistent in signalling our short term caution regarding the AUM growth of the Group given the uncertainty in the outlook for the Japanese market. Nevertheless, we believe that over the medium term the Group is well placed to grow assets further, given the number of our products that have considerable scope for more capacity and assuming no meaningful deterioration in the overall outlook for global equity markets.
The confidence in our ability to grow assets is a function of the performance of our products that can be demonstrated by the excellent performance of Polar Capital's UCITS group of sub funds as shown below.
December 2014 Lipper quartile ranking of funds (with at least a 1 year track record) within Polar Capital Funds plc:
| 1 year | 3 Years | 5 years | Since inception |
1st quartile | 6 funds | 3 funds | 5 funds | 9 funds |
2nd quartile | 4 | 4 | 1 | 5 |
3rd quartile | 2 | 2 | 0 | 0 |
4th quartile | 2 | 1 | 0 | 0 |
Net performance fees (unaudited)
The table below sets out the position relating to net performance fees (after the deduction of staff interests) earned and accrued in the first nine months of the Group's financial year.
Performance fees net of staff allocations | Nine months to 31 Dec 13 £m | Year to 31 Mar 14 (year-end) £m | Nine months to 31 Dec 14 £m |
Received | £7.5m | £7.6m | £5.1m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £0.1m | n/a | £0.3m |
Total net performance fees | £7.6m | £7.6m | £5.4m |
For further information please contact:
Polar Capital Tim Woolley (CEO)John Mansell (CFO) | +44 (0)20 7227 2700 |
Canaccord Genuity - Nomad and Broker Simon Bridges (QE) Martin Green Lucy Tilley Kit Stephenson | +44 (0)20 7523 8000
|
Camarco Ed Gascoigne-Pees
| +44 (0)20 3757 4984 |
Polar Capital (POLR)