REG - Polar Capital Hldgs - AuM Update

Polar Capital HoldingsAnnouncement

13/01/2022 07:05

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RNS Number : 2846Y  Polar Capital Holdings PLC  13 January 2022

13 January 2022
Polar Capital Holdings plc

AuM Update

 

 

Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist
active 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 2021.

 

Group AUM (unaudited)

 

Polar Capital reports that as at 31 December 2021 its AuM were £24.3bn
compared to £20.9bn at the end of March 2021, an increase of 16% over the
period. During the period, AuM increased by £3.4bn which comprised net
inflows of £0.8bn, and an increase of £2.6bn relating to market movement and
fund performance.

 

 AuM movement in nine months to 31 December 2021
                      Open ended  Investment Trusts  Segregated mandates  Total

                      funds
 AuM at 1 April 2021  £16,579m    £3,867m            £417m                £20,863m
 Net subscriptions    £67m        £137m              £602m                £806m
 Market movement      £1,807m     £725m              £107m                £2,639m

 and performance
 Total AuM at         £18,453m    £4,729             £1,126m              £24,308m

 31 December 2021

 

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 to  Year to      Nine months to

 net of staff allocations    31 Dec 20       31 Mar 21    31 Dec 21*

                                             (year-end)
 Net performance fee profit  £19.3m          £19.5m       £4.3m*

 

*The figures to December 2021 are reduced by what is expected to be
approximately £2.3m of net deferment adjustments.

 

Gavin Rochussen, Chief Executive, commented:

 

"It is pleasing to report net inflows in the quarter of £117m and £0.8bn
over the nine-month period across our range of fund strategies.

 

"A combination of net inflows, market uplift and outperformance enabled our
AuM to increase by 16% over the nine-month period from £20.9bn to £24.3bn.

 

"Over the nine-month period, there were net inflows into all channels with
notable success in the funding of segregated mandates amounting to £602m,
144% of segregated AuM at 1 April 2021 and taking total segregated AuM at 31
December 2021 to £1.1bn, a 170% increase over the period.

 

"Our diversification strategy is yielding results with net inflows in the
quarter exceeding £300m into our sustainable Emerging Markets Stars
strategies and the sustainable Smart Energy and Smart Mobility strategies.

 

"Alternative strategies make up £1bn of AuM of which £840m is managed by the
Global Convertibles  team which also had net inflows in the quarter.

 

"The pipeline for flows remains strong for both our Emerging Markets Stars
range of funds, which have sustainability at the core of their processes, as
well as for the two recently launched Article 9 funds, Polar Capital Smart
Energy Fund and the Polar Capital Smart Mobility Fund, which form part of
Polar Capital's sustainable investment focused strategies.

 

"While crystallised net performance fee profits for the period to 31 December
2021 were muted this year, long term performance remains strong with 72% of
our Funds and 88% of AuM having outperformed their respective benchmarks since
inception.

 

"We remain confident that, with our diverse range of complementary funds and
focus on performance in our actively managed strategies, we are positioned to
continue to perform well for our clients and will continue to generate net
inflows. The net inflow momentum of the last quarter has continued into the
first two weeks of January."

 

 

 

For further information please contact:

 

 Polar Capital                                      +44 (0)20 7227 2700

 Gavin Rochussen (Chief Executive)

 Samir Ayub (Finance Director)

 Numis Securities Limited - Nomad and Joint Broker  +44 (0)20 7260 1000

 Giles Rolls

 Charles Farquhar

 Stephen Westgate

 Peel Hunt LLP - Joint Broker                       +44 (0)20 3597 8680

 Andrew Buchanan

 Rishi Shah

 Camarco                                            +44 (0)20 3757 4995

 Ed Gascoigne-Pees

 Jennifer Renwick

 Monique Perks

 Phoebe Pugh

 

 

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