13
January
2025
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 its Assets under Management ("AUM") and performance
fees earned for the financial year to 31 March 2025.
Group
AUM (unaudited)
Polar Capital reports that as at 31
December 2024, AuM was £23.8bn compared to
£21.9bn at the end of March 2024, an
increase of 9% over the period. During the nine-month period, AuM
increased by net inflows of £0.2bn, a £1.8bn increase related to
market movement and fund performance and partially offset by fund
closures of £0.1bn.
|
AuM movement in nine months to 31
December 2024
|
|
|
Open ended
Funds
(£m)
|
Investment
Trusts
(£m)
|
Segregated mandates
(£m)
|
Total
(£m)
|
|
AuM at 1 April 2024
|
15,988
|
5,088
|
816
|
21,892
|
|
Net flows
|
537
|
(131)
|
(194)
|
212
|
|
Fund closure1
|
(100)
|
-
|
-
|
(100)
|
|
Market movement
and performance
|
1,093
|
692
|
3
|
1,788
|
|
Total AuM at
31 December 2024
|
17,518
|
5,649
|
625
|
23,792
|
1 Return of funds to investors on closure of the Forager fund in
October 2024.
Net performance
fees (unaudited)
The table below sets out the
position relating to net performance fee profits (after the
deduction of staff interests) earned in the first nine months of
the Group's financial year.
|
Performance fee profit
net of staff allocations
|
Nine months to
31 Dec 23
|
Year to
31 Mar 24
(year-end)
|
Nine months to
31 Dec 24*
|
|
Net performance fee
profit
|
£9.6m
|
£9.6m
|
£8.3m*
|
*The figures to December 2024 are enhanced by what is expected
to be approximately £0.8m of net deferment
adjustments.
Gavin Rochussen, Chief Executive, commented:
"Despite a late December 2024 sell
off in global equity markets, and net outflows during the final
calendar quarter, AuM at the end of the
nine-month period increased to £23.8bn from £22.7bn at the end of
the previous quarter and £21.9bn at the end of March
2024.
"During the quarter
we benefited from continued net inflows into the
Emerging Market Stars funds and related managed accounts of £240m
and the Artificial Intelligence Fund of £14m. This was offset
by several other funds experiencing net
outflows including the European Opportunities Fund and related
managed accounts (£158m), Global Technology Fund (£123m) and UK
Value Fund (£92m) as well as the planned closure of the Forager
European Long/Short Fund (£100m).
"Net flows have improved
year-on-year with net outflows, including a fund closure of £100m,
during the quarter of £360m compared to net outflows in the
comparable quarter in the prior year of £1.1bn.
"Net outflows during the quarter
were primarily concentrated in October, mirroring the broader UK
funds industry, which experienced its third worst month on record
ahead of the Chancellor's Autumn Budget. Including the impact of a
fund closure, net outflows for the month of October totalled £301m.
Net outflows in December were £76m. November saw net inflows
of £17m.
"Performance fee profits, net of
staff allocations, amounted to £8.3m compared to £0.7m at the end
of September 2024, and £9.6m in the prior year. While five funds
earned a performance fee, most of the amount related to one
fund.
"Long term performance remains
strong with 89% of UCITs AuM outperforming respective benchmarks
since inception.
"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."
For
further information please contact:
|
Polar Capital
Gavin Rochussen (Chief
Executive)
Samir Ayub (Chief Financial
Officer)
|
+44 (0)20 7227 2700
|
|
Deutsche Numis - Nomad and Joint Broker
Giles Rolls
Charles Farquhar
|
+44 (0)20 7260 1000
|
|
Peel
Hunt LLP - Joint Broker
Andrew Buchanan
Oliver Jackson
|
+44 (0)20 3597 8680
|
|
Camarco - PR
Ed Gascoigne-Pees
Jennifer Renwick
Phoebe Pugh
|
+44 (0)20 3757 4980
|