AUM Update

RNS Number : 4287U

Polar Capital Holdings PLC

15 October 2010

 



15 October 2010

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").

Comment

We are pleased to report an increase of over 20% in our AUM to over $3bn in the six month period to September 2010. The growth has been generated from positive net fund flows in excess of $280m and from the recent acquisition of HIM Capital.  The arrival in October 2010 of the Global Emerging Markets team and Global Convertibles team will provide further opportunities to increase the AUM with new fund launches. The Group remains confident that its strategy of expanding its product range and its pool of experienced investment talent through both hiring and acquiring new teams will continue to drive future AUM growth.

Group AUM (unaudited)

As at 30 September 2010 Group AUM has grown 20.6% since 31 March 2010 to US$3.05bn.

The table below sets out the Group's AUM as at 30 September 2010 and the movements experienced in the six month period since 31 March 2010:

AUM movement 6 months to 30 September 2010	Long only funds $m	Hedge funds $m	Total $m
As at 31 March 2010	$1,575m	$955m	$2,530m
Performance and currency movements	$8m	$(18)m	$(10)m
Acquisition of HIM Capital	$249m	-	$249m
Net subscriptions / (redemptions) from ongoing businesses	$371m	$(88)m	$283m
Total AUM at 30 September 2010	$2,203m	$849m	$3,052m

Net performance fees (unaudited)                      

The table below sets out the position relating to net performance fees (after the deduction of manager's interests) earned and accrued in the first six months of the Company's financial year. The bulk of performance fees from the funds crystallise in the second half of the financial year.

Performance fees net of manager allocations	Six months to 30 Sept 09 £m	Year to 31 Mar 10 (year end) £m	Six months to 30 Sept 10 £m
Received	£0.1m	£2.5m	£0.5m
Accrued but not yet earned in funds with year ends on or before the financial year end	£1.7m	n/a	£2.4m
Total performance fees	£1.8m	£2.5m	£2.9m

For further information please contact:

Polar Capital Tim Woolley (CEO) John Mansell (CFO)	[phone]
Numis Securities Simon Blank (Nominated Adviser) Charles Farquhar (Corporate Broking)	[phone]
Financial Dynamics Ed Gascoigne-Pees Georgina Turner	[phone]

 

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