REG - Polar Capital Hldgs - AuM Update

Polar Capital HoldingsAnnouncement

12/01/2023 07:01

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RNS Number : 4494M  Polar Capital Holdings PLC  12 January 2023

12 January 2023
       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 2022.

 

Group AUM (unaudited)

 

Polar Capital reports that as at 31 December 2022 its AuM were £18.5bn
compared to £22.1bn at the end of March 2022, a decrease of 16% over the
period. During the nine-month period, AuM decreased by net redemptions of
£1.1bn, outflows from fund closures of £0.5bn and a £2bn decrease related
to market movement and fund performance.

 

 AuM movement in nine months to 31 December 2022
                      Open ended  Investment  Segregated mandates  Total

                      funds       Trusts
 AuM at 1 April 2022  £16,590m    £4,378m     £1,153m              £22,121m
 Net flows            £(1,035)m   £(85)m      £(29)m               £(1,149)m
 Fund closures(1)     £(390)m     -           £(79)m               £(469)m
 Market movement      £(1,233)m   £(766)m     £(33)m               £(2,032)m

 and performance
 Total AuM at         £13,932m    £3,527m     £1,012 m             £18,471m

 31 December 2022

(1) (Return of funds to investors on closure of the Phaeacian mutual funds and
related segregated mandate in Q1 and China Mercury and Melchior Global Equity
funds in Q3.)

 

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 21       31 Mar 22    31 Dec 22*

                                             (year-end)
 Net performance fee profit  £4.3m           £4.1m        £1.9m*

 

*The figures to December 2022 are reduced by what is expected to be
approximately £1.5m of net deferment adjustments.

 

 

Gavin Rochussen, Chief Executive, commented:

 

"There has been continued demand and inflows into the Global Insurance,
Healthcare Blue Chip, Smart Energy and Emerging Market Stars funds, with
combined net inflows of £190m across these funds in the quarter.

 

"A combination of the continued risk off market sentiment leading into the end
of the calendar year, net outflows, fund closures and fund performance meant
that our AuM at the end of the nine-month period were £18.5bn compared to
£18.8bn at the end of the previous quarter and £22.1bn at the end of March
2022. Total net outflows for the quarter were £304m.

 

"During the quarter, the rate of outflows from the open-ended Technology funds
continued to decline, with £217m of outflows compared to £252m in the
previous quarter and £380m in the first quarter of this financial year.

 

"While crystallised net performance fee profits for the period to 31 December
2022 were muted this year, long term performance remains strong with 64% of
our Funds and 78% of AuM having outperformed their respective benchmarks since
inception.

 

"We remain confident that with our diverse range of differentiated, active
specialist fund strategies we are well-positioned to perform for our clients
and shareholders over the long term."

 

 

 

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

 Camarco                                            +44 (0)20 3757 4995

 Ed Gascoigne-Pees

 Jennifer Renwick

 Phoebe Pugh

 

 

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