Polar Capital Holdings PLC AUM Update (3945M)
13 October 2016 - 5:00PM
UK Regulatory
TIDMPOLR
RNS Number : 3945M
Polar Capital Holdings PLC
13 October 2016
13 October 2016 Polar Capital Holdings plc
AUM Update
Polar Capital Holdings plc ("Polar Capital" or the "Group"), the
specialist asset management group, today provides its regular
quarterly update of its unaudited statement of its Assets under
Management ("AUM").
Group AUM (unaudited)
Polar Capital reports that as at 30 September 2016 its AUM were
GBP7.7bn compared to GBP7.3bn at the end of March 2016.
AUM movement USD GBP
in
six months
to
30 September
2016
------------------- ------------------------------------ ------------------------------------
Long Alternative Total Long Alternative Total
only funds only funds
Funds funds
------------------- ---------- ------------ ---------- ---------- ------------ ----------
AUM at
31 March
2016 $9,378m $1,054m $10,432m GBP6,531m GBP734m GBP7,265m
------------------- ---------- ------------ ---------- ---------- ------------ ----------
Net subscriptions
/ (redemptions) $(1,121)m $60m $(1,061)m GBP(816)m GBP44m GBP(772)m
------------------- ---------- ------------ ---------- ---------- ------------ ----------
Market movement
and performance $581m $(14)m $567m GBP1,098m GBP70m GBP1,168m
------------------- ---------- ------------ ---------- ---------- ------------ ----------
Total AUM
at
30 September
2016 $8,838m $1,100m $9,938m GBP6,813m GBP848m GBP7,661m
------------------- ---------- ------------ ---------- ---------- ------------ ----------
Comment
Whilst it is pleasing to see our AUM, in sterling terms, higher
than at the year end, this has been almost entirely due to the
weakness in sterling since the Brexit vote and the healthy rise in
global markets over the last few months. We have continued to
experience net fund outflows over the period, predominantly from
our Japan UCITS fund, although we also experienced outflows in a
number of other funds particularly in July in the immediate
aftermath of the Brexit vote.
Our Japan funds have now fallen to 14% of AUM although we would
anticipate further outflows if the team's approach continues to
remain out of favour. Despite the disappointing performance over
the last five years the fund remains top decile in its peer group
since launch and we believe those investors who can take the longer
term view will be rewarded over time from current levels.
Over our first six months for this financial year the overall
backdrop for flows into equity funds has remained poor in both the
UK and Continental Europe. Industry data indicates that outflows
from long only equity funds in July were in excess of those
experienced at the height of the 2008 financial crisis. Despite
this unhelpful background, we have been encouraged by increased
interest in a number of our UCITS strategies including Technology,
Healthcare, Insurance, UK Absolute, Global Convertible Bond and
European ex-UK Income.
It is encouraging to note that at the end of September nine of
our funds were in performance fee territory.
Net performance fees (unaudited)
The table below sets out the position relating to net
performance fees (after the deduction of staff interests) earned
and accrued in the first six months of the Group's financial year.
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 31 Mar 16 30 Sept 16
15
(year-end)
-------------------------- ------------- ------------- --------------
Received GBP0.0m GBP3.0m GBP0.0m
-------------------------- ------------- ------------- --------------
Accrued but not yet GBP3.9m n/a GBP2.8m
earned in funds with
year ends on or before
the financial year
end
-------------------------- ------------- ------------- --------------
Total net performance GBP3.9m GBP3.0m GBP2.8m
fees
-------------------------- ------------- ------------- --------------
For further information please contact:
Polar Capital
Tim Woolley (CEO)
John Mansell (COO) +44 (0)20 7227 2700
Canaccord Genuity - Nomad and
Joint Broker
Simon Bridges (QE)
Andrew Buchanan
Kit Stephenson +44 (0)20 7523 8000
Peel Hunt - Joint Broker
Guy Wiehahn +44 (0)20 7418 8893
Camarco
Ed Gascoigne-Pees +44 (0)20 3757 4984
This information is provided by RNS
The company news service from the London Stock Exchange
END
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