AUM Update

RNS Number : 0685R

Polar Capital Holdings PLC

24 April 2009

 



24 April 2009

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').

Comment

As announced on 16 January 2009, the Group expected approximately $900m of redemptions and outflows from closed funds in the Group's final quarter due to the maelstrom that struck the industry and the closure of the Paragon Fund. Total net outflows and redemptions in this quarter have been in line with those expectations. It can be confirmed that the flow of redemptions experienced over the preceding 6 months has slowed and the Group now looks forward to the time when investor sentiment changes and net subscriptions return. 

The Group is weathering these extremely difficult conditions and believes that its portfolio of high quality long only and hedge fund products will place it in a strong position when the environment improves.

Group AUM (unaudited)

As at 31 March 2009 Group AUM has fallen 40% since 31 December 2008 to US$1.48bn.

The tables below set out the Group's AUM as at 31 March 2009 and the movements experienced in the 3 month and 12 month periods to 31 March 2009:

AUM movement 3 months to 31 March 2009	Long $m	Hedge   $m	Advisory $m	Total $m
As at 31 December 2008	$811m	$1,602m	$37m	$2,450m
Performance and currency movements	$(62)m	$6m	$(1)m	$(57)m
Net subscriptions / (redemptions) from ongoing businesses	$(3)m	$(73)m	$(1)m	$(77)m
Outflows from closed funds	nil	$(836)m	nil	$(836)m
Total AUM at 31 March 2009	$746m	$699m	$35m	$1,480m

AUM movement 12 months to 31 March 2009	Long $m	Hedge    $m	Advisory $m	Total $m
As at 31 March 2008	$1,016m	$2,005m	$122m	$3,143m
Performance and currency movements	$(316)m	$(144)m	$(24)m	$(484)m
Net subscriptions / (redemptions) from ongoing businesses	$46m	$(170)m	$(63)m	$(187)m
Net outflows from closed funds (i.e. incl. subs into closed funds)	nil	$(992)m	nil	$(992)m
Total AUM at 31 March 2009	$746m	$699m	$35m	$1,480m

For further information please contact:

Polar Capital Mark Kary John Mansell	[phone]
Numis Securities Lee Aston (Nominated Adviser) Charles Farquhar (Corporate Broking)	[phone]
Financial Dynamics  Ed Gascoigne-Pees Georgina Turner	[phone]

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