Polar Capital Holdings PLC AUM Update (9517T)

TIDMPOLR

RNS Number : 9517T

Polar Capital Holdings PLC

12 January 2017

12 January 2017

Polar Capital Holdings plc

AUM Update

Polar Capital Holdings plc ("Polar Capital" or the "Group"), the boutique investment 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 31 December 2016 its AUM were GBP8.4bn compared to GBP7.3bn at the end of March 2016.

 
 AUM movement                       USD                                  GBP 
  in 
  nine months 
  to 
  31 December 
  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)     $(722)m      $56m       $(666)m    GBP(493)m     GBP45m      GBP(448)m 
-------------------  --------  ------------  ---------  ----------  ------------  ---------- 
 Market movement 
  and performance      $653m      $(45)m       $608m     GBP1,506m     GBP84m      GBP1,590m 
-------------------  --------  ------------  ---------  ----------  ------------  ---------- 
 Total AUM 
  at 
  31 December 
  2016                $9,309m     $1,065m     $10,374m   GBP7,544m     GBP863m     GBP8,407m 
-------------------  --------  ------------  ---------  ----------  ------------  ---------- 
 

Comment

In mid-December we released our interim results and at the time provided guidance that the US election result in November had triggered a noticeable change in flows into our funds. December has continued in the same vein that November finished and it is pleasing to report that more than GBP100m of net inflows were received in the month into our products, giving a total net flow for the quarter of over GBP300m.

On a less positive note the performance fees earned in the year were below the level of last year although this was the 16th consecutive year that such fees have been earned.

Whilst this was not our best year in terms of overall investment performance, our medium and longer term performance numbers on our UCITS products remain extremely strong, as shown in the table below. Thirteen of our eighteen Lipper rated UCITS funds are top quartile since launch, eight of which are top decile, whilst the other five funds are second quartile (as at 31 December 2016).

 
                  1 year    3 years   5 years     Since 
                                                 inception 
---------------  --------  --------  --------  ----------- 
 1st quartile     7 funds   8 funds   6 funds    13 funds 
---------------  --------  --------  --------  ----------- 
 2(nd) quartile   5 funds   2 funds   2 funds    5 funds 
---------------  --------  --------  --------  ----------- 
 3(rd) quartile   6 funds   3 funds   1 fund     0 funds 
---------------  --------  --------  --------  ----------- 
 4(th) quartile   0 funds   1 fund    1 fund     0 funds 
---------------  --------  --------  --------  ----------- 
 

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 nine months of the Group's financial year.

 
 Performance fees            Nine months      Year to      Nine months 
                                  to                            to 
  net of staff allocations     31 Dec 15      31 Mar 16      31 Dec 16 
                                             (year-end) 
--------------------------  -------------  -------------  ------------- 
 Received                         GBP3.0m        GBP3.0m        GBP1.1m 
--------------------------  -------------  -------------  ------------- 
 Accrued but not yet                 -              -              - 
  earned in funds with 
  year ends on or before 
  the financial year 
  end 
--------------------------  -------------  -------------  ------------- 
 Total net performance            GBP3.0m        GBP3.0m        GBP1.1m 
  fees 
--------------------------  -------------  -------------  ------------- 
 

For further information please contact:

 
 Polar Capital 
  Tim Woolley (CEO)           [phone] 
  John Mansell (COO)           2700 
 Canaccord Genuity - Nomad 
  and Joint Broker 
  Simon Bridges (QE) 
  Andrew Buchanan             [phone] 
  Kit Stephenson               8000 
 Peel Hunt - Joint Broker     [phone] 
  Guy Wiehahn                  8893 
 Camarco                      [phone] 
  Ed Gascoigne-Pees            4984 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDEAXFFFFDXEFF

(END) Dow Jones Newswires

January 12, 2017 02:00 ET (07:00 GMT)