16th Jan 2008 07:01
Polar Capital Holdings PLC16 January 2008 16 January 2008 Polar Capital Holdings plc Trading Update Polar Capital Holdings plc ("Polar Capital" or the "Group"), the specialistasset management group, today provides a trading update in respect of currenttrading in advance of the Group's year end of 31 March 2008 together with anun-audited statement of its Assets under Management ("AUM") for the nine monthsended 31 December 2007. Group AUM (unaudited) Group AUM as at 31 December 2007 are up 6.2% since 31 March 2007 to US$.3.62billion although they have fallen 6.6% since 30 September 2007 (US$3.87billion). The tables below sets out the Group's AUM as at 31 December 2007 and themovements experienced in the periods since 31 March 2007 and 30 September 2007. AUM movement Long Hedge Managed & Advisory Total9 months to 31 December 2007 $m $m $m $m As at 31 March 2007 1,563 1,553 291 3,407Transferred -95 95 - -Performance and currency movements -23 119 -26 70Net subscriptions / redemptions -207 349 - 142 Total AUM at 31 December 2007 $1,238m $2,116m $265m $3,619m AUM movement Long Hedge Managed & Advisory Total3 months to 31 December 2007 $m $m $m $m As at 30 September 2007 1,387 2,205 284 3,876Performance and currency movements -70 33 -19 -56Net subscriptions / redemptions -79 -122 - -201 Total AUM at 31 December 2007 $1,238m $2,116m $265m $3,619m Gross performance fees (unaudited) The table below sets out the position relating to gross performance fees earnedand accrued in the first nine months of the year to 31 March 2008: Performance fees As at As at As atGross of manager allocations 31 Dec 06 31 Mar 07 31 Dec 07 £m (year end) £m £mReceived 19.1 20.6 15.9Accrued but not yet earned in funds with year ends on 31 March 2008 1.4 n/a 6.8 Total performance fees £20.5m £20.6m £22.7m Commenting on today's trading update, Mark Kary, Chief Executive of PolarCapital said: "Given that the majority of our larger funds have their year ends in Novemberand December this trading statement is intended to give some guidance in respectof our gross performance fees ahead of the company's March 2008 fiscal year end.In what has been a challenging year for investment markets we are pleased withthe fees booked to date. The sensitivity between now and year end will hingelargely on the continued success of the relatively large Elbrus and ConvictionFunds both of which have 31 March year ends and which together are responsiblefor the £6.8m performance fee accrual which is gross of manager allocations. Otherwise the themes are similar to those we discussed at the time of ourinterims. On the one hand we have experienced some continued short term pressurefrom our Japanese business where market conditions and performance havecontinued to lead to some redemption pressures. On the other hand we are veryencouraged by the calendar 2007 performance of our younger Funds (notablyElbrus, Latam, Global Utilities and Discovery) and some of our more establishedFunds (notably Paragon and Forager). We are currently very active in themarketing of all these funds, and we are already in the process of completingthe planned fund raising for the Forager Fund. We hope these initiatives shouldcontribute to our growth in assets and will enhance the overall diversificationof the business." For further information please contact: Polar Capital +44 (0)20 7227 2700Mark KaryJohn Mansell LandsbankiSimon Bridges +44 (0)20 7426 9569Claes Spang +44 (0)20 7426 7706 Financial DynamicsEd Gascoigne-Pees +44 (0)20 7269 7132Felicity Murdoch +44 (0)20 7269 7243 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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