TIDMPOLR
RNS Number : 6269L
Polar Capital Holdings PLC
14 January 2021
14 January 2021
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 2020.
Group AUM (unaudited)
Polar Capital reports that as at 31 December 2020 its AuM were
GBP18.9bn compared to GBP12.2bn at the end of March 2020, an
increase of 55% over the period. During the period, AuM increased
by GBP6.7bn which comprised net subscriptions of GBP1,462m, inflows
from the acquisition of the Phaeacian team of GBP431m, offset by
outflows from a previously reported fund closure of GBP301m and an
increase of GBP5,237m related to market movement and fund
performance.
AuM movement in nine Long-only Alternative Total
months to 31 December funds funds
2020
AuM at 1 April 2020 GBP11,078m GBP1,083m GBP12,161m
----------- ------------ -----------
Net subscriptions/(redemptions) GBP1,485m GBP(23)m GBP1,462m
----------- ------------ -----------
Acquisition of the Phaeacian GBP431m - GBP431m
team
----------- ------------ -----------
Closure of UK Absolute - GBP(301)m GBP(301)m
Equity Fund
----------- ------------ -----------
Market movement and performance GBP5,034m GBP203m GBP5,237m
----------- ------------ -----------
Total AuM at 31 December GBP18,028m GBP962m GBP18,990m
2020
----------- ------------ -----------
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 19 31 Mar 20 31 Dec 20*
(year-end)
Net performance fee profit GBP8.8m GBP8.8m GBP19.3m*
------------- ------------- ---------------
*The figures to December 2020 are enhanced by what is expected
to be circa GBP1.0m of net deferment.
Gavin Rochussen, Chief Executive, commented:
"AuM increased by 15% over the quarter to 31 December and by 55%
from GBP12.2bn on 1 April 2020 to GBP18.9bn, an increase of
GBP6.7bn which was made up of net inflows of GBP1.4bn, an increase
of GBP431m due to the arrival of the Phaeacian team, a reduction
due to a fund closure of GBP301m, and market movement and fund
performance added GBP5.2bn.
"We are pleased to report another quarter of net inflows. Net
inflows from 18 of our funds amounted to GBP556m in the quarter
which brings total net inflows, from continuing funds, in the nine
months of the current financial year to GBP1.4bn.
"While net inflows have been particularly strong into our
Technology and Healthcare funds, we have also had net subscriptions
in the quarter into the Global Insurance Fund of GBP234m, GBP100m
into our Emerging Markets Stars Fund and GBP90m into our UK Value
Opportunities Fund as risk appetite for UK companies increased.
"The pipeline for flows into our Emerging Markets Stars range of
funds, which have sustainability at the core of their processes, is
strong as the funds approach their three-year track records at
Polar Capital.
"The International Value franchise within Phaeacian Partners
announced in October, has made a good start within Polar
outperforming benchmark over the calendar year by 8% and receiving
early inflows into the US Mutual Fund.
"It is pleasing that following the successful restructuring of
the Polar Capital Global Financials Trust last year, performance
has been compelling, the Trust has been trading at a premium and
issuing shares. This follows a marked improvement in investor
appetite for equities in the Financials sector.
"Fund performance has been strong across the majority of our
funds with 81% of our AuM performing ahead of benchmark over the
calendar year and 83% of our AuM is ranked in the first quartile
against peers over three years in the Lipper universe.
"Performance fee profits net of staff allocations amounted to
GBP19.3m compared to GBP8.8m in the prior year. Given the strong
performance across most of our funds, 15 funds earned performance
fees and seven individual funds contributed the majority of the net
performance fee profits.
"In December, we announced the acquisition of Dalton Strategic
Partnership LLP which, once regulatory approval has been received,
will contribute to our 'growth with diversification strategy' by
adding, amongst a number of funds, a top performing European
equities team as well as increased distribution capability into
Continental Europe.
"We remain confident that with our diverse range of funds and
focus on performance in our actively managed complementary funds we
are positioned to continue to perform well for our clients and will
continue to generate net inflows. The net inflow momentum of the
last quarter has continued into the first two weeks of
January."
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
Andrew Buchanan
Rishi Shah +44 (0)20 3597 8680
Camarco
Ed Gascoigne-Pees
Georgia Edmonds
Monique Perks +44 (0)20 3757 4995
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