Polar Capital Holdings PLC AUM Update (6759M)
January 10 2019 - 1:00AM
UK Regulatory
TIDMPOLR
RNS Number : 6759M
Polar Capital Holdings PLC
10 January 2019
10 January 2019
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 2018.
Group AUM (unaudited)
Polar Capital reports that as at 31 December 2018 its AUM were
GBP12.7bn compared to GBP12.0bn at the end of March 2018.
AUM movement in nine Long-only Alternative Total
months to 31 December funds funds
2018
AUM at GBP10,812m GBP1,168m GBP11,980m
1 April 2018
----------- ------------ -----------
Net subscriptions GBP524m GBP122m GBP646m
----------- ------------ -----------
Market movement GBP12m GBP19m GBP31m
and performance
----------- ------------ -----------
Total AUM at GBP11,348m GBP1,309m GBP12,657m
31 December 2018
----------- ------------ -----------
Comment
The Group has not been immune to the market correction that
followed the last quarterly update and has had a challenging
period. Although flows for the year remain positive, the Group
experienced net outflows of GBP286m in the quarter and net
reduction in AUM in the quarter of GBP1,770m through market
movement and performance.
Despite the market's volatility and weakness, the Group has been
able to hold on to a significant amount of the performance fees
accrued as at the end of September. At the calendar year end, net
performance fee profits of GBP23.6m have been received, a record
figure that surpasses the GBP15.0m reported a year ago.
The Group is pleased to announce the January launch of two new
funds within its UCITS umbrella; an Asian Stars Fund run by Jorry
Noddekaer and his team and a Global Absolute Return Fund managed by
David Keetley and his team.
The Group is also delighted to announce that Sandy Black has
joined as Chief Investment Officer. The role will entail protecting
clients' interests via independent review of Polar's investment
teams as well as contributing to Polar's growth through the
identification and selection of new investment strategies. Sandy
was most recently at J O Hambro Capital Management Limited where he
was employed in a similar role as Investment Director.
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 17 31 Mar 18 31 Dec 18*
(year-end)
Net performance fee profit GBP15.0m GBP15.0m GBP23.6m*
-------------- -------------- ---------------
*The figures to December 2018 are enhanced by what is expected
to be circa GBP3m of amounts deferred as IFRS requires the cost of
such amounts 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)
John Mansell (COO) +44 (0)20 7227 2700
Numis Securities Limited - Nomad and
Joint Broker
Charles Farquhar
Stephen Westgate
Kevin Cruickshank (QE) +44 (0)20 7260 1000
Peel Hunt LLP - Joint Broker
Guy Wiehahn +44 (0)20 7418 8893
Camarco
Ed Gascoigne-Pees +44 (0)20 3757 4984
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDEAXFNEFENEFF
(END) Dow Jones Newswires
January 10, 2019 02:00 ET (07:00 GMT)
Polar Capital (LSE:POLR)
Historical Stock Chart
From Apr 2024 to May 2024
Polar Capital (LSE:POLR)
Historical Stock Chart
From May 2023 to May 2024