REG - Polar Capital Hldgs - AuM Update

Polar Capital HoldingsAnnouncement

13/04/2023 07:00

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RNS Number : 0264W  Polar Capital Holdings PLC  13 April 2023

13 April 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 Assets under Management ("AUM") for the financial
year to 31 March 2023.

 

Group AUM (unaudited)

 

Polar Capital reports that as at 31 March 2023 its AuM were £19.2bn compared
to £18.5bn in the previous quarter, an increase of 4% over the quarter, and
£22.1bn at the end of March 2022, a decrease of 13% over the financial year.
During the financial year, AuM decreased by net redemptions of £1.5bn,
outflows from fund closures of £0.5bn and a £0.9bn decrease related to
market movement and fund performance.

 

 AuM movement in twelve months to 31 March 2023
                                  Open ended  Investment  Segregated mandates  Total

                                  funds       Trusts
 AuM at 1 April 2022              £16,590m    £4,378m     £1,153m              £22,121m
 Net subscriptions/(redemptions)  £(1,397)m   £(127)m     £(35)m               £(1,559)m
 Fund closures(1)                 £(390)m     -           £(79)m               £(469)m
 Market movement                  £(522)m     £(341)m     £(10)m               £(873)m

 and performance
 Total AuM at 31 March 2023       £14,281m    £3,910m     £1,029m              £19,220m

(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.)

 

 

Gavin Rochussen, Chief Executive, commented:

 

"There has been continued demand and inflows into the European Income ex-UK,
Biotechnology, Global Convertible, Global Absolute Return, Smart Energy and
Emerging Market Stars funds, with combined net inflows of £320m across these
funds in the quarter.

 

"Notwithstanding turbulence in the banking sector in March and the resultant
impact to equity valuations, total AuM in the quarter increased by £749m from
£18,471m to £19,220m, a 4% increase.

 

"Net outflows in the quarter were £410m and were driven by outflows of £373m
from our Global Insurance fund following a year of exceptional outperformance
in relative and absolute terms with clients reducing their holdings to take
profits.

 

"During the quarter, the rate of outflows from the open-ended Technology funds
continued to decline, with £40m of outflows in March and £199m of net
outflows in the quarter compared to £217m in the previous quarter and £380m
in the first quarter of this financial year. This follows exceptional
outperformance and net inflows in 2020 and the first half of 2021.

 

"Stubbornly high inflation, rising interest rates and slowing economic growth
added to the list of concerns weighing on market sentiment during the
financial year to March 2023. A combination of net outflows, fund closures and
market performance meant that our AuM at the end of the twelve-month period
were £19.2bn compared to £22.1bn at the end of March 2022.

 

"It was pleasing to see that Polar Capital scored well in the annual
Broadridge Fund Brand 50 survey of investment professionals. Within the UK, we
were the 7(th) highest rank brand, up from 8(th) the prior year, the smallest
group in the top ten based on AuM and in the company of many much larger
peers. Our approach has always been to deliver a specialist investment
offering with a premium service to our clients and therefore, it was also
pleasing to see Polar retain its number one ranking for Thematic Equity in the
UK and scoring 2(nd) for client-oriented thinking (Source: Broadridge Fund
Brand 50 2023).

 

"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."

 

Polar Capital aims to announce its results for the financial year to 31 March
2023 on 26 June 2023.

 

 

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

 Andrew Buchanan                                    +44 (0)20 3597 8680

 Camarco                                            +44 (0)20 3757 4995

 Ed Gascoigne-Pees

 Jennifer Renwick

 Phoebe Pugh

 

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