TIDMPOLR

RNS Number : 2846Y

Polar Capital Holdings PLC

13 January 2022

   13 January 2022                                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 2021.

   Group AUM   (unaudited) 

Polar Capital reports that as at 31 December 2021 its AuM were GBP24.3bn compared to GBP20.9bn at the end of March 2021, an increase of 16% over the period. During the period, AuM increased by GBP3.4bn which comprised net inflows of GBP0.8bn, and an increase of GBP2.6bn relating to market movement and fund performance.

 
             AuM movement in nine months to 31 December 2021 
                       Open ended   Investment   Segregated     Total 
                          funds       Trusts      mandates 
                      -----------  -----------  -----------  ----------- 
 AuM at 1 April 2021   GBP16,579m   GBP3,867m     GBP417m     GBP20,863m 
                      -----------  -----------  -----------  ----------- 
 Net subscriptions       GBP67m      GBP137m      GBP602m      GBP806m 
                      -----------  -----------  -----------  ----------- 
 Market movement       GBP1,807m     GBP725m      GBP107m     GBP2,639m 
  and performance 
                      -----------  -----------  -----------  ----------- 
 Total AuM at          GBP18,453m    GBP4,729    GBP1,126m    GBP24,308m 
  31 December 2021 
                      -----------  -----------  -----------  ----------- 
 

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 20       31 Mar 21       31 Dec 21* 
                                                (year-end) 
 Net performance fee profit        GBP19.3m        GBP19.5m        GBP4.3m* 
                             --------------  --------------  -------------- 
 

*The figures to December 2021 are reduced by what is expected to be approximately GBP2.3m of net deferment adjustments.

Gavin Rochussen, Chief Executive, commented:

"It is pleasing to report net inflows in the quarter of GBP117m and GBP0.8bn over the nine-month period across our range of fund strategies.

"A combination of net inflows, market uplift and outperformance enabled our AuM to increase by 16% over the nine-month period from GBP20.9bn to GBP24.3bn.

"Over the nine-month period, there were net inflows into all channels with notable success in the funding of segregated mandates amountin g to GBP602m, 144% of segregated AuM at 1 April 2021 and taking total segregated AuM at 31 December 2021 to GBP1.1bn, a 170% increase over the period.

"Our diversification strategy is yielding results with net inflows in the quarter exceeding GBP300m into our sustainable Emerging Markets Stars strategies and the sustainable Smart Energy and Smart Mobility strategies.

"Alternative strategies make up GBP1bn of AuM of which GBP840m is managed by the Global Convertibles team which also had net inflows in the quarter.

"The pipeline for flows remains strong for both our Emerging Markets Stars range of funds, which have sustainability at the core of their processes, as well as for the two recently launched Article 9 funds, Polar Capital Smart Energy Fund and the Polar Capital Smart Mobility Fund, which form part of Polar Capital's sustainable investment focused strategies.

"While crystallised net performance fee profits for the period to 31 December 2021 were muted this year, long term performance remains strong with 72% of our Funds and 88% of AuM having outperformed their respective benchmarks since inception.

"We remain confident that, with our diverse range of complementary funds and focus on performance in our actively managed strategies, 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) 
  Samir Ayub (Finance Director)          +44 (0)20 7227 2700 
 Numis Securities Limited - Nomad and 
  Joint Broker 
  Giles Rolls 
  Charles Farquhar 
  Stephen Westgate                       +44 (0)20 7260 1000 
  Peel Hunt LLP - Joint Broker 
   Andrew Buchanan 
   Rishi Shah                             +44 (0)20 3597 8680 
  Camarco 
   Ed Gascoigne-Pees 
   Jennifer Renwick 
   Monique Perks 
   Phoebe Pugh                            +44 (0)20 3757 4995 
 

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END

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January 13, 2022 02:00 ET (07:00 GMT)

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