AUM Update

RNS Number : 8507F

Polar Capital Holdings PLC

15 October 2008

 



15 October 2008

Polar Capital Holdings plc

AUM Update

Polar Capital Holdings plc ('Polar Capital' or the 'Group'), the specialist asset management group, today provides its regular quarterly update of its unaudited statement of its Assets under Management ('AUM').

Group AUM (unaudited)

As at 30 September 2008 Group AUM has fallen 8.7% since 31 March 2008 to US$2.87bn. 

The table below sets out the Group's AUM as at 30 September 2008 and the movements experienced in the 6 month period since 31 March 2008:

AUM movement 6 months to 30 Sept 2008	Long $m	Hedge $m	Advisory $m	Total $m
As at 31 March 2008	$1,016m	$2,005m	$122m	$3,143m
Performance and currency movements	($83)m	($196)m	($54)m	($333)m
Net subscriptions / (redemptions) from ongoing businesses	$35m	$317m	($10)m	$342m
Outflows from Japan hedge fund	nil	($282)m	nil	($282)m
Total AUM at 30 Sept 2008	$968m	$1,844m	$58m	$2,870m

Gross performance fees (unaudited)        

The table below sets out the position relating to gross performance fees earned and accrued in the first six months of the year to 31 March 2009:

Performance fees gross of manager allocations	As at 30 Sept 07 £m	As at 31 Mar 08 (year end) £m	As at 30 Sept 08 £m
Received	£1.0m	£21.1m	-
Accrued but not yet earned in funds with year ends on or before 31 March 2009	£15.8m	n/a	£10.9m
Total performance fees	£16.8m	£21.1m	£10.9m

Comment

Set in the context of very difficult market conditions, we are encouraged by the net inflows received in the first six months of the financial year and the year to date performance of many of our funds. There is however little doubt that the near term challenges for the industry are significant; long only assets are being impacted by weakness in underlying markets, and many hedge fund investors are redeeming as generally poor performance has not matched their absolute return expectations. Although our performance has been differentiated, Polar Capital will not be immune from such market forces and this backdrop creates a challenging environment as the company starts the second half of its year.

For further information please contact:

Polar Capital Mark Kary John Mansell	[phone]
Teathers John Craven Claes Spang	[phone] [phone]
Financial Dynamics  Ed Gascoigne-Pees Felicity Murdoch	[phone] [phone]

 

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