TIDMPOLR

RNS Number : 2863J

Polar Capital Holdings PLC

09 April 2020

9 April 2020

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") for the financial year to 31 March 2020.

   Group AUM   (unaudited)

Polar Capital reports that as at 31 March 2020 its AuM were GBP12.2bn compared to GBP13.8bn at the end of March 2019, a decrease of 12% over the year. In the three months ended 31 March 2020 AuM decreased by GBP1.9bn mainly due to the combined impact of COVID-19 and a sharp fall in oil price causing severe global equity market declines at the end of the quarter.

 
 AuM movement in three       Long-only    Alternative      Total 
  months to 31 March 2020      funds         funds 
 AuM at                     GBP12,794m     GBP1,427m    GBP14,221m 
  1 January 2020 
                           ------------  ------------  ------------ 
 Net redemptions              GBP(5)m      GBP(135)m     GBP(140)m 
                           ------------  ------------  ------------ 
 Market movement            GBP(1,711)m    GBP(209)m    GBP(1,920)m 
  and performance 
                           ------------  ------------  ------------ 
 Total AuM at               GBP11,078m     GBP1,083m    GBP12,161m 
  31 March 2020 
                           ------------  ------------  ------------

During the 12-month period, AuM decreased by GBP1.7bn which comprised net outflows of GBP1.2bn and a decrease of GBP0.5bn mainly related to market movement, but mitigated by fund performance.

 
 AuM movement in twelve      Long-only    Alternative      Total 
  months to 31 March 2020      funds         funds 
 AuM at                     GBP12,529m     GBP1,306m    GBP13,835m 
  1 April 2019 
                           ------------  ------------  ------------ 
 Net redemptions            GBP(1,137)m    GBP(74)m     GBP(1,211)m 
                           ------------  ------------  ------------ 
 Market movement             GBP(314)m     GBP(149)m     GBP(463)m 
  and performance 
                           ------------  ------------  ------------ 
 Total AuM at               GBP11,078m     GBP1,083m    GBP12,161m 
  31 March 2020 
                           ------------  ------------  ------------

Gavin Rochussen, Chief Executive, commented:

"The coronavirus pandemic and oil price collapse brought an abrupt end to the longest bull market in history with the S&P500 declining 34% over a four-week period to its low point on 22 March. A strong rally to 31 March followed unprecedented fiscal and monetary stimulus to ensure economies and markets continued to function. Polar Capital was not immune to this equity market volatility with our AuM decreasing by GBP1.9bn in the March quarter alone because of market declines.

"Leading up to and throughout the period of lock-down as we invoked our business continuity plan and transitioned to entirely remote working it has been pleasing to witness the operational resilience of Polar Capital and its ability to continue servicing clients in a seamless manner. I am particularly pleased with the commitment of all our people, whose health and wellbeing are vitally important, as we have worked tirelessly to meet our investors' needs.

"The support of our fund investors, clients and other stakeholders has been comforting and we have been pleasantly surprised by the initial limited quantum of redemptions when investors were raising cash to reduce risk in their portfolios.

"Net outflows in the March quarter were GBP140m, of which GBP135m were from our alternative funds. Net flows were positive for the first two months of the quarter.

"While AuM has decreased by 12% over the year and the equity bear market means we enter our new financial year with lower average AuM than the previous year, Polar Capital continues to be cash generative and is able to utilise its significant balance sheet to meet our operational and strategic objectives.

"Despite market volatility in March and a rapid equity sell-off that exceeded that of the financial crisis, 55% of our AuM out-performed benchmarks in the March quarter.

"We are comforted by the evidence of our operational resilience in these testing times and, together with our diverse and complementary range of fund strategies with proven track records, we remain well positioned to deliver compelling returns for our clients and shareholders."

Polar Capital aims to announce its results for the financial year to 31 March 2020 on 22 June 2020.

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 4984

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