TIDMPOLR
RNS Number : 0076P
Polar Capital Holdings PLC
14 October 2021
14 October 2021 Polar Capital Holdings plc
AuM Update
Polar Capital Holdings plc ("Polar Capital" or the "Group"), the
specialist active asset management group, today provides a
quarterly update of its unaudited statement of Assets under
Management ("AuM").
Group AuM (unaudited)
Polar Capital reports that as at 30 September 2021 its AuM were
GBP23.4bn compared to GBP20.9bn at the end of March 2021, an
increase of 12% over the period. During the period, AuM increased
by net inflows of GBP0.7bn and GBP1.8bn related to market movement
and fund performance.
AuM movement in six months to 30 September 2021
Open ended Investment Segregated Total
funds Trusts mandates
----------- ----------- ----------- -----------
AuM at 1 April 2021 GBP16,579m GBP3,867m GBP417m GBP20,863m
----------- ----------- ----------- -----------
Net subscriptions GBP(42)m GBP136m GBP595m GBP689m
----------- ----------- ----------- -----------
Market movement GBP1,277m GBP454m GBP77m GBP1,808m
and performance
----------- ----------- ----------- -----------
Total AuM at GBP17,814m GBP4,457m GBP1,089m GBP23,360m
30 September 2021
----------- ----------- ----------- -----------
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 Six months Year to Six months
to to to
net of staff allocations 30 Sept 19 30 Sept 20 31 Mar 21 30 Sept 21
(year-end)
Received GBP3.3m GBP0.5m GBP19.5m -
------------ -------------- -------------- ------------
Accrued but not GBP0.9m GBP13.7m n/a GBP2m*
yet earned in funds
with year ends
on or before the
financial year
end
------------ -------------- -------------- ------------
Total net performance GBP4.2m GBP14.2m GBP19.5m GBP2m*
fee profits
------------ -------------- -------------- ------------
*The figures have been reduced by GBP2.8m 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 Capital 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 fees can be volatile.
Accordingly, the performance fee of GBP4.8m, after adjusting back
prior accounting period accruals required by IFRS, may be lower or
materially higher as at 31 December 2021 when performance fees
crystallise in the funds.
Gavin Rochussen, Chief Executive, commented:
"It is pleasing to report net inflows in the quarter of GBP156m
and GBP689m over the six-month period across our range of fund
strategies including the further funding of segregated
mandates.
"A combination of net inflows, market uplift and outperformance
enabled our AuM to increase by 12% over the six-month period from
GBP20.9bn to GBP23.4bn.
"The Group is also pleased to announce the 30(th) September
launch of two new funds within its UCITS umbrella; the Polar
Capital Smart Energy Fund and the Polar Capital Smart Mobility Fund
which form part of Polar Capital's sustainable investment strategy.
Both funds are Article 9 funds under the Sustainable Finance
Disclosure Regulation ("SFDR") and early investor interest has been
strong.
"The Polar Capital sustainable strategy will invest in companies
at the forefront of the global transition towards a cleaner, more
efficient, and sustainable future.
"Managed by Senior Portfolio Manager Thiemo Lang, based in
London, and the Polar Capital Sustainable Thematic Team, the
strategy is founded on the belief that, with the world facing an
urgent need to decarbonise, demand for smart energy solutions will
rise exponentially. This has the potential to deliver significant
opportunities over the long-term as innovative companies enable
this transition to a decarbonised future.
"Prior to joining Polar Capital in September 2021, Thiemo built
an impressive track record of investing in the smart energy space
since 2007, significantly outperforming the average return within
the sector over this time frame. This team adds a highly
differentiated fund solution for our clients and is the sixteenth
team within the Polar Capital stable of fully integrated highly
active fundamental research and performance-driven teams.
"We remain confident that with our diverse range of
differentiated, active specialist fund strategies we are
well-positioned to perform for our clients and shareholders over
the long term."
Thiemo Lang, Senior Portfolio Manager, Polar Capital Sustainable
Thematic Team, commented:
"Economies must envision and empower an energy future that is
smart, sustainable, and secure to bring CO2 emissions under control
and limit the effects of global warming. We seek to invest in the
innovative companies helping to enable this transition, creating a
long-term investment opportunity against the backdrop of global
efforts to decarbonise."
For further information please contact:
Polar Capital
Gavin Rochussen (Chief Executive) +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
Jennifer Renwick
Monique Perks +44 (0)20 3757
Phoebe Pugh 4995
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END
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