Polar Capital Holdings PLC AuM Update (3525P)
10 Octubre 2019 - 1:00AM
UK Regulatory
TIDMPOLR
RNS Number : 3525P
Polar Capital Holdings PLC
10 October 2019
10 October 2019
Polar Capital Holdings plc
AuM Update
Polar Capital Holdings plc ("Polar Capital" or the "Group"), the
specialist active asset management group, today provides its
quarterly update of its unaudited statement of its Assets under
Management ("AuM").
Group AuM (unaudited)
Polar Capital reports that as at 30 September 2019 its AuM were
GBP14.3bn compared to GBP13.8bn at the end of March 2019, an
increase of 3% over the period. During the period, AuM increased by
GBP467m which comprised net outflows of GBP448m offset by an
increase of GBP915m related to market movement and fund
performance.
AuM movement in six months Long only Alternative Total
to 30 September 2019 funds funds
AUM at 1 April 2019 GBP12,529m GBP1,306m GBP13,835m
----------- ------------ -----------
Net subscriptions / (redemptions) GBP(560)m GBP112m GBP(448)m
----------- ------------ -----------
Market movement and GBP868m GBP47m GBP915m
performance
----------- ------------ -----------
Total AuM at 30 September GBP12,837m GBP1,465m GBP14,302m
2019
----------- ------------ -----------
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 Six months Year to Six months to
to
net of staff allocations 30 Sept 18 31 Mar 19 30 Sept 19
(year-end)
Received GBP5.5m GBP24.0m GBP3.3m
-------------- -------------- ---------------
Accrued but not yet earned GBP27.0m n/a GBP0.9m*
in funds with year ends
on or before the financial
year end
-------------- -------------- ---------------
Total net performance GBP32.5m GBP24.0m GBP4.2m*
fee profits
-------------- -------------- ---------------
*the figures are reduced by GBP2m of net performance fee
distributions that relate to prior accounting periods that IFRS
require to be deducted from this year's receipts.
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.
Gavin Rochussen, Chief Executive, commented:
"The last quarter has been a challenging period with net
outflows of GBP598m following the GBP150m of net inflows in the
previous quarter.
"As communicated at the time of releasing our year-end results
in June, the Japan team has undergone changes following the
departure of the long-standing manager of our Japan Fund. The team
is focused on the Japan Value Fund which has compelling performance
and will benefit from greater AuM following the imminent merger of
the two funds. Net outflows in the six months from the Japan Fund
following the communication of the manager departure and fund
merger have been GBP400m. As at 30 September, the Japanese equities
team was managing GBP314m.
"In the six months, two long-standing clients redeemed in excess
of GBP500m from two of our highly rated funds, the Polar Capital
Technology Fund and the Polar Capital Healthcare Opportunities Fund
to take profits and reduce risk in their underlying client
portfolios. This has provided the Technology and Healthcare
strategies with additional capacity where the demand for their
funds is robust.
"Notwithstanding the GBP900m headwind created by the Japan Fund
redemptions and the client redemption from Technology and
Healthcare, it is reassuring that, despite the economic and
political uncertainty over the last six months, we have had net
inflows into the majority of our funds including: Global Insurance,
UK Value, European Income and Emerging Market and Asia with
positive net inflows of GBP112m into our alternative fund range
which includes our Convertibles and UK Absolute products.
"While accrued performance fees are materially less than the
previous year, fees are volatile, and the position three months ago
was more in line with last year. There are still three months to
the end of the calendar year when performance fees crystallise. We
remain confident that our active fundamental fund strategies will
continue to deliver above average returns over the long term for
our clients."
For further information please contact:
Polar Capital
Gavin Rochussen (Chief Executive)
John Mansell (Executive Director)
Samir Ayub (Finance Director) +44 (0)20 7227 2700
Numis Securities Limited - Nomad and
Joint Broker
Charles Farquhar
Stephen Westgate
Kevin Cruickshank (QE) +44 (0)20 7260 1000
Peel Hunt LLP - Joint Broker
Guy Wiehahn
Andrew Buchanan +44 (0)20 7418 8893
Camarco
Ed Gascoigne-Pees
Monique Perks +44 (0)20 3757 4995
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END
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