Polar Capital Holdings PLC AUM Update (5307B)

TIDMPOLR

RNS Number : 5307B

Polar Capital Holdings PLC

11 January 2018

   11 January 2018                                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") and performance fees earned for the calendar year to 31 December 2017.

Group AUM (unaudited)

Polar Capital reports that as at 31 December 2017 its AUM were GBP11.7bn compared to GBP9.3bn at the end of March 2017. AUM increased by GBP1.1bn in the quarter of which GBP597m were net inflows and GBP507m related to market movement and performance.

 
 AUM movement in     Long only    Alternative     Total 
  nine months to        funds        funds 
  31 December 2017 
------------------  -----------  ------------  ----------- 
 AUM at              GBP8,447m      GBP826m     GBP9,273m 
  31 March 2017 
------------------  -----------  ------------  ----------- 
 Net subscriptions   GBP1,145m      GBP272m     GBP1,417m 
------------------  -----------  ------------  ----------- 
 Market movement      GBP952m       GBP65m      GBP1,017m 
  and performance 
------------------  -----------  ------------  ----------- 
 Total AUM at        GBP10,544m    GBP1,163m    GBP11,707m 
  31 December 2017 
------------------  -----------  ------------  ----------- 
 

Comment

The Group has had a satisfactory quarter with pleasing net inflows despite the termination of four underperforming funds during the quarter.

This update confirms that the momentum of net inflows over the past quarters has continued and the final performance fee profits for the year that crystallised at the end of December are a significant improvement on last year's figure.

It is encouraging to report that the Group's investment teams are well placed in terms of performance and fund flows to continue their growth into 2018. The Group has a firm footing from which to implement its strategy of diversifying investment strategies, client domicile and client segments.

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 16      31 Mar 17      31 Dec 17* 
                                             (year-end) 
--------------------------  -------------  -------------  --------------- 
 Net performance fee              GBP1.2m        GBP1.2m        GBP15.0m* 
  profit 
--------------------------  -------------  -------------  --------------- 
 

*The figures to December 2017 are enhanced by GBP2.4m due to the IFRS requirement for the cost of deferred staff allocations to be spread over the period of deferment. The amount of net deferral will be reflected in the Adjusted Earnings Per Share figure that will be reported at the financial year-end.

For further information please contact:

 
 Polar Capital 
  Gavin Rochussen (Chief Executive)    [phone] 
  John Mansell (COO)                    2700 
 Canaccord Genuity - Nomad 
  and Joint Broker 
  Simon Bridges (QE) 
  Andrew Buchanan                      [phone] 
  Margarita Mitropoulou                 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

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January 11, 2018 02:00 ET (07:00 GMT)