POLR Polar Capital Holdings Plc

TIDMPOLR

RNS Number : 2064Z

Polar Capital Holdings PLC

09 January 2020

   9 January 2020                                  Polar Capital Holdings plc 

AuM Update

Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist active asset management group, today provides its regular quarterly update of its unaudited statement of its Assets under Management ("AUM") and performance fees earned for the calendar year to 31 December 2019.

Group AUM (unaudited)

Polar Capital reports that as at 31 December 2019 its AuM were GBP14.2bn compared to GBP13.8bn at the end of March 2019, an increase of 3% over the period. During the period, AuM increased by GBP0.4bn which comprised net outflows of GBP1.1bn offset by an increase of GBP1.5bn related to market movement and fund performance.

 
 AuM movement in nine      Long-only    Alternative      Total 
  months to 31 December      funds         funds 
  2019 
 AuM at                   GBP12,529m     GBP1,306m    GBP13,835m 
  1 April 2019 
                         ------------  ------------  ------------ 
 Net subscriptions        GBP(1,132)m     GBP61m      GBP(1,071)m 
                         ------------  ------------  ------------ 
 Market movement           GBP1,397m      GBP60m       GBP1,457m 
  and performance 
                         ------------  ------------  ------------ 
 Total AuM at             GBP12,794m     GBP1,427m    GBP14,221m 
  31 December 2019 
                         ------------  ------------  ------------ 
 

Net performance fees (unaudited)

The table below sets out the position relating to net performance fee profits (after the deduction of staff interests) earned in the first nine months of the Group's financial year.

 
 Performance fee profit        Nine months       Year to      Nine months to 
                                    to 
  net of staff allocations      31 Dec 18       31 Mar 19       31 Dec 19* 
                                                (year-end) 
 Net performance fee profit        GBP23.6m        GBP24.0m        GBP8.8m* 
                             --------------  --------------  --------------- 
 

*The figures to December 2019 are reduced by what is expected to be circa GBP1.4m of net deferment that IFRS requires to be deducted from this year's receipts.

Gavin Rochussen, Chief Executive, commented:

"Although AuM in the nine months has increased by GBP400m from GBP13.8bn to GBP14.2bn, it has been another challenging quarter. Net outflows of GBP623m were offset by an increase in AuM of GBP542m from market and performance movements resulting in a decline in AuM in the quarter of GBP81m.

"The election result and reduced Brexit uncertainty increased demand for our UK Value Fund which had net inflows of GBP100m in December. On the other hand, clients continued to reduce their exposure to North American equities. This led to net outflows from our North American Fund of GBP611m in the quarter, which includes the reallocation of a client mandate away from North American equities to alternative asset classes.

"The Japan Value Fund continued to perform well and had net inflows in December of GBP48m marking an end to multi-year monthly outflows from our Japan funds.

"In the nine month period to 31 December we were not immune to the challenging conditions experienced by the industry as a whole; total net outflows amounted to GBP1.1bn which was dominated by net outflows of GBP453m from the Japan Fund prior to the merger with the Japan Value Fund, net outflows from our North American strategy of GBP795m and an aggregate GBP500m redemption by a long-standing client in our Technology and Healthcare Funds.

"It is pleasing to report net inflows over the nine months into the majority of our Funds including Global Technology, Japan Value, UK Value Opportunities, GEM Stars, Asia and China Stars, Global Insurance, European ex-UK Income, Global Convertible Bonds, Global (Convertibles) Absolute Return, UK Absolute Equity and China Mercury.

"Fund performance across the range of our funds was strong in the last quarter of the calendar year resulting in crystallised net performance fee profits of GBP8.8m for the period to 31 December.

"Over three years annualised, 67% of our Funds and 81% of AuM have outperformed their respective benchmarks.

"We have a diverse and complementary range of fund strategies with proven track records. We remain confident that, over the long term, our active fundamental strategies will continue to deliver above average returns for our clients and compelling total returns for our shareholders."

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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