Polar Capital Holdings PLC AuM Update (4494M)

TIDMPOLR

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 GBP18.5bn compared to GBP22.1bn at the end of March 2022, a decrease of 16% over the period. During the nine-month period, AuM decreased by net redemptions of GBP1.1bn, outflows from fund closures of GBP0.5bn and a GBP2bn decrease related to market movement and fund performance.

 
             AuM movement in nine months to 31 December 2022 
                       Open ended   Investment   Segregated      Total 
                          funds       Trusts      mandates 
                      -----------  -----------  -----------  ------------ 
 AuM at 1 April 2022   GBP16,590m   GBP4,378m    GBP1,153m    GBP22,121m 
                      -----------  -----------  -----------  ------------ 
 Net flows             GBP( 1,035    GBP(85)m     GBP(29)m    GBP(1,149)m 
                           )m 
                      -----------  -----------  -----------  ------------ 
 Fund closures(1)      GBP(390)m        -         GBP(79)m     GBP(469)m 
                      -----------  -----------  -----------  ------------ 
 Market movement       GBP (1,233   GBP(766)m     GBP(33)m    GBP(2,032)m 
  and performance          )m 
                      -----------  -----------  -----------  ------------ 
 Total AuM at          GBP 13,93    GBP3,527m    GBP1,012 m    GBP18,47 
  31 December 2022         2m                                      1m 
                      -----------  -----------  -----------  ------------

(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      Year to       Nine months 
                                   to                             to 
  net of staff allocations      31 Dec 21      31 Mar 22      31 Dec 22* 
                                              (year-end) 
 Net performance fee profit        GBP4.3m        GBP4.1m        GBP1.9m* 
                             -------------  -------------  --------------

*The figures to December 2022 are reduced by what is expected to be approximately GBP1.5m 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 GBP190m 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 GBP18.5bn compared to GBP18.8bn at the end of the previous quarter and GBP22.1bn at the end of March 2022. Total net outflows for the quarter were GBP304m.

"During the quarter, the rate of outflows from the open-ended Technology funds continued to decline, with GBP217m of outflows compared to GBP252m in the previous quarter and GBP380m 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 
  Gavin Rochussen (Chief Executive) 
  Samir Ayub (Finance Director)        +44 (0)20 7227 2700 
 Numis Securities Limited - Nomad 
  and Joint Broker 
  Giles Rolls 
  Charles Farquhar 
  Stephen Westgate                     +44 (0)20 7260 1000 
 
   Peel Hunt LLP - Joint Broker 
   Andrew Buchanan                       +44 (0)20 3597 8680 
 
   Camarco 
   Ed Gascoigne-Pees 
   Jennifer Renwick 
   Phoebe Pugh                           +44 (0)20 3757 4995

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