AUM Update

RNS Number : 6987X

Polar Capital Holdings PLC

16 January 2014

 



16 January 2014

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 Assets under Management ("AUM").

Group AUM (unaudited)

As at 31 December 2013 the Group's AUM had increased by 80% to $13.0bn from the $7.2bn reported at 31 March 2013 and by 14% from the figure of $11.4bn reported at 30 September 2013.

The table below sets out the movements in the Group's AUM over the nine month period:

AUM movement Nine months to 31 December 2013	Long only funds $m	Alternative funds $m	Total $m
As at 31 March 2013	$6,371m	$837m	$7,208m
Net subscriptions	$4,186m	$2m	$4,188m
Closure of UK team	$(252)m	$(41)m	$(293)m
Market movement and performance	$1,814m	$87m	$1,901m
Total AUM at 31 December 2013	$12,119m	$885m	$13,004m

Comment

As we cautioned at the interim results, our net inflows for our third quarter, at just under $1bn, were below the levels seen in the previous two quarters, although it was pleasing to see inflows continue across a wide range of strategies.

Markets have made an uncertain start to 2014, but assuming market conditions do not deteriorate, we remain well positioned to grow assets further in 2014.

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 12 £m	Year to 31 Mar 13 (year-end) £m	Nine months to 31 Dec 13 £m
Received	£5.1m	£5.5m	£7.5m
Accrued but not yet earned in funds with year ends on or before the financial year end	£0.3m	n/a	£0.1m
Total net performance fees	£5.4m	£5.5m	£7.6m

For further information please contact:

Polar Capital Tim Woolley (CEO) John Mansell (CFO)	[phone]
Canaccord Genuity - Nomad and Broker Simon Bridges (QE) Martin Green Cameron Duncan	[phone]
F T I Consulting Neil Doyle Jack Hickey	[phone]

 

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