AUM Update

RNS Number : 4390Z

Polar Capital Holdings PLC

14 January 2011

 



14 January 2011

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 40% in our AUM to over $3.5bn in the nine month period to December 2010. The Group remains confident that its strategy of growing its established funds to capacity and expanding its product range through both hiring and acquiring new teams will continue to drive future AUM growth.

We are also pleased to confirm an increase in net performance fee receipts over the period. Such fees total £5.6m (2009: £2.3m) as a result of the continued good performance of a number of the Group's products.

Group AUM (unaudited)

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

AUM movement Nine months to 31 Dec 10	Long only funds $m	Hedge funds $m	Total $m
As at 31 Mar 2010	$1,575m	$955m	$2,530m
Performance and currency movements	$259m	$18m	$277m
Acquisition of HIM Capital	$249m	-	$249m
Net subscriptions / (redemptions) from ongoing businesses	$572m	$(122)m	$450m
Total AUM at 31 Dec 10	$2,655m	$851m	$3,506m

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 net of staff allocations	Nine months to 31 Dec 09 £m	Year to 31 Mar 10 (year end) £m	Nine months to 31 Dec 10 £m
Received	£1.9m	£2.5m	£5.6m
Accrued but not yet earned in funds with year ends on or before the financial year end	£0.4m	n/a	£0.0m
Total net performance fees	£2.3m	£2.5m	£5.6m

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]

 

END

 

 

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