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 |
+44 (0)20 7227 2700 |
Teathers John Craven Claes Spang |
+44 (0)20 7426 9564 +44 (0)20 7426 7706 |
Financial Dynamics Ed Gascoigne-Pees Felicity Murdoch |
+44 (0)20 7269 7132 +44 (0)20 7269 7243 |