Polar Capital Holdings PLC AuM Update (0264W)
13 4월 2023 - 3:00PM
UK Regulatory
TIDMPOLR
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
GBP19.2bn compared to GBP18.5bn in the previous quarter, an
increase of 4% over the quarter, and GBP22.1bn at the end of March
2022, a decrease of 13% over the financial year. During the
financial year, AuM decreased by net redemptions of GBP1.5bn,
outflows from fund closures of GBP0.5bn and a GBP0.9bn decrease
related to market movement and fund performance.
AuM movement in twelve months to 31 March 2023
Open ended Investment Segregated Total
funds Trusts mandates
------------ ----------- ----------- ------------
AuM at 1 April 2022 GBP16,590m GBP4,378m GBP1,153m GBP22,121m
------------ ----------- ----------- ------------
Net subscriptions/(redemptions) GBP(1,397)m GBP(127)m GBP(35)m GBP(1,559)m
------------ ----------- ----------- ------------
Fund closures(1) GBP(390)m - GBP(79)m GBP(469)m
------------ ----------- ----------- ------------
Market movement GBP(522)m GBP(341)m GBP(10)m GBP(873)m
and performance
------------ ----------- ----------- ------------
Total AuM at 31 March GBP14,281m GBP3,910m GBP1,029m GBP19,220m
2023
------------ ----------- ----------- ------------
(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 GBP320m 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 GBP749m from GBP18,471m to GBP19,220m, a 4%
increase.
"Net outflows in the quarter were GBP410m and were driven by
outflows of GBP373m 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 GBP40m of outflows in
March and GBP199m of net outflows in the quarter compared to
GBP217m in the previous quarter and GBP380m 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 GBP19.2bn compared
to GBP22.1bn 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
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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