Polar Capital has acknowledged that growth in assets under management has been offset by outflows from Japan as it reported a pre-tax profit of £11.6m for the six months to September 30 2014.
In its interim results, the company revealed that assets under management climbed 1 per cent to $13.4bn (£8.5bn), from $13.2bn at the end of March this year.
But Tim Woolley, chief executive of Polar Capital, warned that the first six months of the financial year have been “challenging”.
He said: “Since 31 March 2014 we have seen growth in assets under management across most portfolios but this has been offset by outflows from Japan.
“The success of our Japan team over recent years has led, in the short-term, to our AUM being unusually sensitive to the direction of and allocations to the Japanese market which suffered a reversal in the first six months of our new financial year.”
Mr Woolley added: “Over the shorter term our results will continue to be influenced by events in Japan and allocations to or away from our Japanese funds.”
In the period to end of September, the company’s core operating profit, excluding performance fees, increased 34 per cent to £13.9m, while its pre-tax profit figures of £11.6m was up from £10.1m at September 30 2013.
Polar Capital has launched three funds since the end of March this year, including its long only Healthcare Blue Chip UCITs fund and UK Absolute Equity UCITs fund in September.
