Polar Capital Holdings PLC AuM Update (4290B)
08 Octubre 2020 - 1:00AM
UK Regulatory
TIDMPOLR
RNS Number : 4290B
Polar Capital Holdings PLC
08 October 2020
8 October 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
quarterly update of its unaudited statement of its Assets under
Management ("AuM").
Group AuM (unaudited)
Polar Capital reports that as at 30 September 2020 its AuM were
GBP16.4bn compared to GBP12.2bn at the end of March 2020, an
increase of 34% over the period. During the period, AuM increased
by GBP4.2bn which comprised net subscriptions of GBP907m offset by
outflows from a previously reported fund closure of GBP301m and an
increase of GBP3,588m related to market movement and fund
performance.
AuM movement in six months Long only Alternative Total
to 30 September 2020 funds funds
AUM at 1 April 2020 GBP11,078m GBP1,083m GBP12,161m
----------- ------------ -----------
Net subscriptions / (redemptions) GBP931m GBP(24)m GBP907m
----------- ------------ -----------
Closure of UK Absolute - GBP(301)m GBP(301)m
Equity Fund
----------- ------------ -----------
Market movement and GBP3,479m GBP109m GBP3,588m
performance
----------- ------------ -----------
Total AuM at 30 September GBP15,488m GBP867m GBP16,355m
2020
----------- ------------ -----------
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 19 31 Mar 20 30 Sept 20
(year-end)
Received GBP3.3m GBP8.8m GBP0.5m
------------- ------------- ---------------
Accrued but not yet earned GBP0.9m n/a GBP13.7m*
in funds with year ends
on or before the financial
year end
------------- ------------- ---------------
Total net performance GBP4.2m GBP8.8m GBP14.2m*
fee profits
------------- ------------- ---------------
*t he figures are reduced by GBP0.3m 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:
"It is pleasing to report another quarter of inflows with
GBP419m of net subscriptions across our fund range in the last
three months and 70% of our AuM outperforming benchmark in the
current calendar year.
A combination of net inflows, market uplift and outperformance
enabled our AuM to increase by 34% over the six-month period to
GBP16.4bn from GBP12.2bn.
We continue to function resiliently across the firm under remote
working conditions.
We remain confident that with our highly active specialist fund
strategies we are well positioned to perform for our clients and
shareholders over the long term."
For further information please contact:
Polar Capital
Gavin Rochussen (Chief Executive)
John Mansell (Executive Director) +44 (0)20 7227
Samir Ayub (Finance Director) 2700
Numis Securities Limited - Nomad and Joint
Broker
Charles Farquhar
Stephen Westgate +44 (0)20 7260
Kevin Cruickshank (QE) 1000
Peel Hunt LLP - Joint Broker
Andrew Buchanan +44 (0)20 3597
Rishi Shah 8680
Camarco
Ed Gascoigne-Pees
Georgia Edmonds +44 (0)20 3757
Monique Perks 4995
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END
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