REG - Polar Capital Hldgs - AuM Update

Polar Capital HoldingsAnnouncement

11/04/2024 07:00

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RNS Number : 0974K  Polar Capital Holdings PLC  11 April 2024

11 April 2024
 
                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 2024.

 

Group AuM (unaudited)

 

Polar Capital reports that as at 31 March 2024 its AuM was £21.9bn compared
to £19.6bn in the previous quarter, an increase of 12%. Over the financial
year there has been a 14% increase in AuM from £19.2bn at the end of March
2023. During the financial year the £2.7bn increase in AuM resulted from
market movement and fund performance of £4.3bn, offset by net redemptions of
£1.6bn.

 

 AuM movement in twelve months to 31 March 2024
                             Open ended  Investment  Segregated mandates  Total

                             funds       Trusts
 AuM at 1 April 2023         £14,281m    £3,910m     £1,029m              £19,220m
 Net flows                   £(1,224)m   £(154)m     £(235)m              £(1,613)m
 Fund closures(1)            £(7)m       -           £(43)m               £(50)m
 Market movement             £2,938m     £1,332m     £65m                 £4,335m

 and performance
 Total AuM at 31 March 2024  £15,988m    £5,088m     £816m                £21,892m

(1) Return of funds to investors on closure of the Melchior European Absolute
Return fund (Q1) and related segregated mandate (Q2).

 

Gavin Rochussen, Chief Executive, commented:

 

"Given the backdrop of challenging conditions for the asset management
industry, and following a number of quarters of net outflows, it is pleasing
to be able to report net inflows of £56m during the final quarter of the
financial year ended 31 March 2024.

 

"With interest rates having potentially peaked, global equity markets
continued to rise during the quarter and as a result total AuM in the quarter
increased by £2.3bn from £19.6bn to £21.9bn, a 12% increase.

 

"A combination of net outflows and a fund closure were offset by market and
fund performance resulting in our AuM at the end of the financial year
increasing by 14% to £21.9bn from £19.2bn at the end of March 2023.

 

"Net flows during March 2024 have been particularly pleasing with six of our
strategies benefitting from net inflows with an overall total of £228m during
the month. While the outlook for fund flows remains uncertain, positive
momentum has continued into April 2024.

 

"There have been inflows into the Global Absolute Return, Emerging Market
Stars, Asian Stars, Biotechnology, Global Insurance, Japan Value, Global
Technology, Artificial Intelligence and UK Value funds, with combined net
inflows of £332m across these funds during the month of March 2024.

 

"During the quarter, the open-ended Technology funds saw net inflows of £327m
compared to £136m of net outflows in the previous quarter, with £212m of net
inflows during the month of March 2024.

 

"During the quarter we announced that Dan Boston will be joining Polar Capital
in September 2024 to lead a new International Small and Mid-Cap Equities
investment team and launch a new mutual fund that will complement our existing
offering in the US market. Dan brings nearly 20 years of experience in
international small and mid-cap company investing, and most recently he worked
at Brown Capital Management in Baltimore, Maryland, where he led the
International Small Company strategy, which managed $3.5bn across a 5-star
Morningstar-rated mutual fund and various managed accounts.  He joined Brown
Capital Management in 2019 after serving as a Partner and Senior Portfolio
Manager at Baird, overseeing its International Small Cap and Global and
International Large Cap strategies.

 

"Whilst global financial markets remain exposed to several headwinds, the
potential of interest rates peaking and central banks beginning to consider
the possibility of rate cuts bodes well for equities in general and investors
will, we believe, continue to seek additional exposure to the asset class. Our
pipeline of client interest remains strong, and we have the capacity to meet
investor demand for our active specialist fund strategies.

 

"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
2024 on 27 June 2024.

 

 

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

 John Welch                                         +44 (0)20 3597 8680

 Sam Milford

 Camarco

 Ed Gascoigne-Pees                                  +44 (0)20 3757 4995

 Jennifer Renwick

 Phoebe Pugh

 

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