AUM Update

RNS Number : 7669A

Polar Capital Holdings PLC

15 October 2009

 



15 October 2009

Polar Capital Holdings plc

AUM Update

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

Comment

The AUM numbers are encouraging. In our last update we indicated that the industry was beginning to witness a change in sentiment and this new update supports that position. The net redemptions of $137m in the first quarter have been replaced by net subscriptions in the second quarter of $248m leading to a positive net subscription figure for the first six months of $111m.  

Although we believe that investment markets will continue to be challenging we are reasonably comfortable that our continued strong relative and absolute performance should result in a more extended period of investor inflows into both our hedge and our long only funds.

Group AUM (unaudited)

In the six months to 30 September 2009 the Company's AUM have risen 28% to US$1.899bn.

The table below sets out the Company's AUM as at 30 September 2009 and the movements experienced in the six months since the Company's year end:

AUM movement six months to 30 Sept 2009	Long only funds $m	Hedge funds   $m	Advisory funds $m	Total $m
As at 31 March 2009	$746m	$699m	$35m	$1,480m
Performance and currency movements	$283m	$78m	$5m	$366m
Net subscriptions / (redemptions) from ongoing businesses	$57m	$54m	nil	$111m
Outflows from closed funds	nil	$(21)m	$(37)m	$(58)m
Total AUM at 30 Sept 2009	$1,086m	$810m	$3m	$1,899m

Net performance fees (unaudited)        

The table below sets out the position relating to net performance fees (after the deduction of manager's interests) earned and accrued in the first six months of the Company's financial year. The bulk of performance fees from the funds crystallise in the second half of the financial year.

Performance fees net of manager allocations	Six months to 30 Sept 08 £m	Year to 31 Mar 09 (year end) £m	Six months to 30 Sept 09 £m
Received	£0.0m	£9.9m	£0.1m
Accrued but not yet earned in funds with year ends on or before the financial year end	£4.6m	n/a	£1.7m
Total performance fees	£4.6m	£9.9m	£1.8m

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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