REG - Polar Capital Hldgs - AuM Update

Polar Capital HoldingsAnnouncement

10/10/2024 07:00

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RNS Number : 6072H  Polar Capital Holdings PLC  10 October 2024

10 October 2024
      Polar Capital Holdings plc

AuM Update

 

Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialist
active asset management group, today provides a quarterly update of its
unaudited statement of Assets under Management ("AuM").

 

 

Group AuM (unaudited)

 

Polar Capital reports that as at 30 September 2024 its AuM was £22.7bn
compared to £21.9bn at the end of March 2024, an increase of 4%. During the
six-month period, AuM increased by net inflows of £0.5bn and a £0.3bn
increase related to market movement and fund performance.

 

 AuM movement in six months to 30 September 2024
                      Open ended  Investment  Segregated mandates  Total

                      Funds       Trusts      (£m)                 (£m)

                      (£m)        (£m)
 AuM at 1 April 2024  15,988      5,088       816                  21,892
 Net flows            727         (102)       (153)                472
 Market movement      225         94          4                    323

 and performance
 Total AuM at         16,940      5,080       667                  22,687

 30 September 2024

 

Net performance fees (unaudited)

 

The table below sets out the position relating to net performance fee profits
due to the Group (after the deduction of staff interests) as a product of
accrued performance fees in funds managed by the Group three months before the
strike point of such performance fee receipts. The majority of the Group's
performance fees crystallise in the second half of the financial year. There
is no certainty that the fees will be sustained over the next quarter, as
performance fees can be volatile.

 

 Performance fees                                                               Six months to  Year to      Six months to

 net of staff allocations (All figures in £m)                                   30 Sep 23      31 Mar 24    30 Sep 24

                                                                                               (year-end)
 Received                                                                       -              9.6          -
 Accrued but not yet earned in funds with year ends on or before the financial  1.3            n/a          0.7*
 year end
 Total net performance fee profits                                              1.3            9.6          0.7*

*The figures have been reduced by £1.0m of net performance fee distributions
that relate to prior accounting periods that are required to be deducted from
this year's receipts for accounting purposes.

 

 

 

 

 

 

 

Gavin Rochussen, Chief Executive, commented:

 

"There has been continued demand for a broad range of our funds during the
quarter. Those in net inflows included the Emerging Market Stars (both the
UCITS and US-domiciled vehicles), Healthcare Opportunities, Japan Value,
Artificial Intelligence and Biotechnology Funds, with combined net inflows of
£393m across these funds in the quarter.

 

"AuM at the end of the six-month period was £22.7bn, an increase of 4% on the
£21.9bn reported at the beginning of the financial year. This increase is the
result of net inflows of £0.5bn and positive market movement and performance
of £0.3bn.

 

"The more challenging market environment over the last quarter resulted in AuM
declining from £23.5bn at the end of June 2024 primarily due to negative
market movement and performance of £655m after the summer equity sell-off
alongside net outflows of £172m driven by mandate redemptions.

 

"We were pleased to announce the launch of the US-domiciled Polar Capital
International Small Company Fund with Dan Boston recruited as Lead Manager and
Researcher. Dan brings 19 years' experience to his role and now heads our
US-based and newly established Global Small Company team. The team take a
'research first' approach to seeking out wealth creating smaller companies
with the ability to compound over the long-term and become industry leaders.
International expansion remains a key part of our 'Growth with
Diversification' strategy and this launch represents an important strategic
milestone given Dan's proven track record.

 

"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 (Chief Financial Officer)

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

 Giles Rolls

 Charles Farquhar

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

 Andrew Buchanan

 Oliver Jackson

 Camarco - PR                              +44 (0)20 3757 4980

 Ed Gascoigne-Pees

 Jennifer Renwick

 Phoebe Pugh

 

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