REG - Polar Capital Hldgs - AuM Update

Polar Capital HoldingsAnnouncement

13/01/2025 07:00

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RNS Number : 9743S  Polar Capital Holdings PLC  13 January 2025

13 January 2025
                                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 financial year to 31 March 2025.

 

Group AUM (unaudited)

 

Polar Capital reports that as at 31 December 2024, AuM was £23.8bn compared
to £21.9bn at the end of March 2024, an increase of 9% over the period.
During the nine-month period, AuM increased by net inflows of £0.2bn, a
£1.8bn increase related to market movement and fund performance and partially
offset by fund closures of £0.1bn.

 

 

 AuM movement in nine months to 31 December 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            537         (131)       (194)                212
 Fund closure(1)      (100)       -           -                    (100)
 Market movement      1,093       692         3                    1,788

 and performance
 Total AuM at         17,518      5,649       625                  23,792

 31 December 2024

(1) Return of funds to investors on closure of the Forager fund in October
2024.

 

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 23       31 Mar 24    31 Dec 24*

                                             (year-end)
 Net performance fee profit  £9.6m           £9.6m        £8.3m*

*The figures to December 2024 are enhanced by what is expected to be
approximately £0.8m of net deferment adjustments.

 

Gavin Rochussen, Chief Executive, commented:

 

"Despite a late December 2024 sell off in global equity markets, and net
outflows during the final calendar quarter, AuM at the end of the nine-month
period increased to £23.8bn from £22.7bn at the end of the previous quarter
and £21.9bn at the end of March 2024.

 

"During the quarter we benefited from continued net inflows into the Emerging
Market Stars funds and related managed accounts of £240m and the Artificial
Intelligence Fund of £14m. This was offset by several other funds
experiencing net outflows including the European Opportunities Fund and
related managed accounts (£158m), Global Technology Fund (£123m) and UK
Value Fund (£92m) as well as the planned closure of the Forager European
Long/Short Fund (£100m).

 

"Net flows have improved year-on-year with net outflows, including a fund
closure of £100m, during the quarter of £360m compared to net outflows in
the comparable quarter in the prior year of £1.1bn.

 

"Net outflows during the quarter were primarily concentrated in October,
mirroring the broader UK funds industry, which experienced its third worst
month on record ahead of the Chancellor's Autumn Budget. Including the impact
of a fund closure, net outflows for the month of October totalled £301m. Net
outflows in December were £76m.  November saw net inflows of £17m.

 

"Performance fee profits, net of staff allocations, amounted to £8.3m
compared to £0.7m at the end of September 2024, and £9.6m in the prior year.
While five funds earned a performance fee, most of the amount related to one
fund.

 

"Long term performance remains strong with 89% of UCITs AuM outperforming
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 (Chief Financial Officer)

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

 Giles Rolls

 Charles Farquhar

 Peel Hunt LLP - Joint Broker

 Andrew Buchanan                          +44 (0)20 3597 8680

 Oliver Jackson

 Camarco - PR

 Ed Gascoigne-Pees                        +44 (0)20 3757 4980

 Jennifer Renwick

 Phoebe Pugh

 

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