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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October 14, 2021 02:00 ET (06:00 GMT)

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