Polar Capital Holdings PLC AuM Update (8517P)
October 12 2023 - 2:00AM
UK Regulatory
TIDMPOLR
RNS Number : 8517P
Polar Capital Holdings PLC
12 October 2023
12 October 2023
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 2023 its AuM were
GBP19.1bn compared to GBP19.2bn at the end of March 2023. During
the six-month period, AuM decreased by net redemptions of GBP0.6bn,
outflows from fund closures of GBP50m offset by a GBP0.5bn increase
related to market movement and fund performance.
AuM movement in six months to 30 September 2023
Open ended Investment Segregated Total
funds Trusts mandates
----------- ----------- ----------- -----------
AuM at 1 April 2023 GBP14,281m GBP3,910m GBP1,029m GBP19,220m
----------- ----------- ----------- -----------
Net flows GBP(475)m GBP(78)m GBP(28)m GBP(581)m
----------- ----------- ----------- -----------
Fund closures(1) GBP(7)m - GBP(43)m GBP(50)m
----------- ----------- ----------- -----------
Market movement GBP306m GBP271m GBP(31)m GBP546m
and performance
----------- ----------- ----------- -----------
Total AuM at GBP14,105m GBP4,103m GBP927m GBP19,135m
30 September 2023
----------- ----------- ----------- -----------
(1) Return of funds to investors on closure of the Melchior
European Absolute Return fund (Q1) and related segregated mandate
(Q2).
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. There is
no certainty that the fees will be sustained over the next quarter,
as performance fees can be volatile.
Performance fees Six months Year to Six months
to to
net of staff allocations 30 Sept 22 31 Mar 23 30 Sept 23
(year-end)
Received - GBP1.7m -
------------ ------------ ------------
Accrued but not yet earned in GBP4.8m n/a GBP1.3m*
funds with year ends on or before
the financial year end
------------ ------------ ------------
Total net performance fee profits GBP4.8m GBP1.7m GBP1.3m*
------------ ------------ ------------
*The figures have been reduced by GBP0.8m of net performance fee
distributions that relate to prior accounting periods that IFRS
require to be deducted from this year's receipts.
Gavin Rochussen, Chief Executive, commented:
"There has been continued demand and inflows into the Artificial
Intelligence, Japan Value, Emerging Market Stars, Asia Stars and
Smart Energy Funds, with combined net inflows of GBP225m across
these funds in the quarter.
"A combination of the continued challenging environment for
equity markets, net outflows, fund closures and fund performance
meant that our AuM at the end of the six-month period were
GBP19.1bn compared to GBP19.7bn at the end of the previous quarter
and GBP19.2bn at the end of March 2023. Total net outflows for the
quarter were GBP423m.
"During the quarter, the rate of outflows from the open-ended
Technology funds continued to decline, with GBP74m of net outflows
compared to GBP103m in the previous quarter and GBP199m in the
first quarter of this calendar year.
"Despite the challenging back drop, we are pleased with the
continuing progress in diversifying the business. The Smart funds
managed by the Sustainable Thematic team have now collectively
reached AuM of GBP280m. The Emerging Market and Asia Stars team now
collectively manages GBP1.5bn of AuM and continues its progress in
the US with US domiciled vehicles now surpassing GBP125m.
"Later this month the Global Insurance Fund celebrates its
25-year anniversary. Since launch it has delivered strong and
consistent annualised returns to shareholders of circa 10% pa, by
investing for the long-term in a concentrated portfolio of
best-in-class non-life insurers. Insurance sector performance is
typically counter-cyclical, offering investors genuine
diversification with unique drivers and we look forward to
continuing to generate steady returns for our investors for many
years to come.
"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."
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
Giles Rolls
Charles Farquhar +44 (0)20 7260
Stephen Westgate 1000
Peel Hunt LLP - Joint Broker
Andrew Buchanan
John Welch +44 (0)20 3597
Sam Milford 8680
Camarco
Ed Gascoigne-Pees
Jennifer Renwick +44 (0)20 3757
Phoebe Pugh 4995
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