11 Oct 2018 07:00
11 October 2018 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 30 September 2018 its AUM were £14.7bn compared to £12.0bn at the end of March 2018.
AUM movement in six months to 30 September 2018 | Long only funds | Alternative funds | Total |
AUM at 1 April 2018 | £10,812m | £1,168m | £11,980m |
Net subscriptions / (redemptions) | £739m | £193m | £932m |
Market movement and performance | £1,668m | £133m | £1,801m |
Total AUM at 30 September 2018 | £13,219m | £1,494m | £14,713m |
Net performance fees (unaudited)
The table below sets out the position relating to net performance fee profits due to the Group (after the deduction of staff interests) as a product of accrued performance fees in funds managed by the Group three months before the strike point of such performance fee receipts. The majority of the Group's performance fees crystallise in the second half of the financial year.
Performance fees net of staff allocations | Six months to 30 Sept 17 | Year to 31 Mar 18 (year-end) | Six months to 30 Sept 18 |
Received | £0.0m | £15.3m | £5.5m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £9.6m | n/a | £27.0m* |
Total net performance fee profits | £9.6m | £15.3m | £32.5m* |
*the figures benefit from £4.6m of net performance fee distributions that will be deferred into future accounting periods that IFRS do not allow to be deducted from this year's receipts.
Comment
The Group has had another satisfactory quarter in terms of both performance and flows.
As is usual at the time of releasing this update, three months before the crystallisation of performance fees, we disclose the profits that could be due to Polar as a function of the amount of accrued performance fees in our funds as at the end of September. There is no certainty that the fees will be sustained over the next quarter, as performance fee receipts are extremely volatile, but nevertheless the quantum of potential net performance fee receipts is a marked improvement on the position of 2017, which itself was a record year in terms of such performance fee profitability.
It is also reassuring to report another quarter of positive net inflows with close to £240m received in the quarter following our first quarter of over £690m of net inflows. The flows this quarter were seen across a number of strategies including: our Technology, Healthcare, Insurance, Convertibles and UK Value strategies. In addition, we have successfully launched our EM Stars, China Stars and China Mercury funds.
For further information please contact:
Polar Capital Gavin Rochussen (Chief Executive) John Mansell (COO) | +44 (0)20 7227 2700 |
Canaccord Genuity - Nomad and Joint Broker Simon Bridges (QE) David Tyrrell |
+44 (0)20 7523 8000
|
Peel Hunt - Joint Broker Guy Wiehahn |
+44 (0)20 7418 8893 |
Camarco Ed Gascoigne-Pees
|
+44 (0)20 3757 4984 |
Polar Capital (POLR)