AuM Update
Polar Capital Holdings plc (“Polar Capital” or the “Group”), the specialist active asset management group, today provides its quarterly update of its unaudited statement of its Assets under Management (“AuM”).
Group AuM (unaudited)
Polar Capital reports that as at 30 June 2022 its AuM were £18.9bn compared to £22.1bn at the end of March 2022, a decrease of 14% over the quarter. In the quarter, AuM decreased by net outflows of £0.3bn, fund closures of £0.5bn and £2.4bn related to market movement and fund performance.
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AuM movement in three months to 30 June 2022 |
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Open ended funds |
Investment Trusts |
Segregated mandates |
Total |
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AuM at 1 April 2022 |
£16,590m |
£4,378m |
£1,153m |
£22,121m |
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Net outflows |
£(268)m |
£(33)m |
£(15)m |
£(316)m |
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Fund closures 1 |
£(380)m |
– |
£(79)m |
£(459)m |
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Market movement and performance |
£(1,665)m |
£(652)m |
£(76)m |
£(2,393)m |
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Total AuM at 30 June 2022 |
£14,277m |
£3,693m |
£983m |
£18,953m |
1 Return of funds to investors on closure of the Phaeacian mutual funds and related segregated mandate.
Gavin Rochussen, Chief Executive, commented:
“A combination of the bear market sell-off, net outflows, fund closures and fund performance meant that our AuM at the end of the quarter were £18.9bn compared to £22.1bn at the end of March 2022.
“Despite overall net outflows in the quarter, there has been continued demand and inflows into the Sustainable Emerging Market Stars, Global Insurance, Healthcare Blue Chip, Global Absolute Return and Smart Energy Funds with combined net inflows of £275m across these funds.
“During the quarter, the rate of net outflows from open-ended funds slowed down compared to the previous quarter, resulting in total net outflows of £316m, driven by the technology funds with net outflows of £380m and which compares favourably with technology net outflows in the previous quarter of £630m.
“With significant fund capacity and improving relative fund performance, we remain confident that with our diverse range of active specialist fund strategies we are well positioned to perform for our clients and shareholders over the long term.”