12 Oct 2015 07:00
12 October 2015
Polar Capital Holdings plc
AUM Update and appointment of joint broker
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 2015 its AUM were $10.9bn compared to the $12.3bn reported at 31 March 2015.
The table below sets out the movements in the Group's AUM over the six month period:
AUM movement Six months to 30 September 2015 | Long only funds $m | Alternative funds $m | Total $m |
As at 31 March 2015 | $11,185m | $1,071m | $12,256m |
Net subscriptions / (redemptions) | $(783)m | $73m | $(710)m |
Market movement and performance | $(609)m | $(7)m | $(616)m |
Total AUM at 30 September 2015 | $9,793m | $1,137m | $10,930m |
Comment
As at the end of September our AUM were $10.9bn down $1.4bn from our AUM at our last update at the end of June and from our AUM at the end of our last financial year. In contrast to recent quarters the fall in AUM was largely attributable to the impact of falling markets on our long only funds. We were pleased to see the level of net outflows from our main Japan fund slow considerably compared to recent quarters and indeed the fund actually returned to net inflows during September.
Net inflows into a range of our other funds though was insufficient to offset the outflows we saw from Japan during July and August but the level of net outflows for the quarter at $135m was considerably lower than the level seen in the June quarter.
Short-term our AUM levels will be heavily impacted by the direction of world stock markets but the generally strong performance of our funds gives us encouragement that we can return to quarterly net inflows again if market conditions improve. This can be evidenced by the fact that as shown below, 13 of our 16 Lipper rated open ended funds (those with at least a one year track record) are first or second quartile over one year, continuing the excellent record since inception.
| 1 year | 3 Years | 5 years | Since inception |
1st quartile | 10 funds | 5 funds | 3 funds | 11 funds |
2nd quartile | 3 funds | 2 funds | 2 funds | 4 funds |
3rd quartile | 2 funds | 2 funds | 1 fund | 1 fund |
4th quartile | 1 fund | 1 fund | N/A | N/A |
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 six months of the Group's financial year. 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 14 £m | Year to 31 Mar 15 (year-end) £m | Six months to 30 Sept 15 £m |
Received | £0.0m | £5.2m | £0.0m |
Accrued but not yet earned in funds with year ends on or before the financial year end | £4.2m | n/a | £3.9m |
Total net performance fees | £4.2m | £5.2m | £3.9m |
Appointment of joint broker
The Company is pleased to announce, with immediate effect, the appointment of Peel Hunt as its joint broker alongside Canaccord Genuity.
For further information please contact:
Polar Capital Tim Woolley (CEO)John Mansell (COO) | +44 (0)20 7227 2700 |
Canaccord Genuity - Nomad and Joint Broker Simon Bridges (QE) Kit Stephenson | +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)