Assets up at Polar Capital on Japan funds inflows

Polar Capital has announced its pre-tax profit more than doubled to £32.7m for the year to March 31 2014, boosting assets under management 83 per cent to hit $13.2bn (£7.7bn).

The group reported net inflows every quarter over the financial year “despite turbulent markets”, citing inflows into its Japanese funds in particular.

Chairman Tom Bartlam said: “By the end of our financial year, the Japanese team was managing assets in excess of $5bn – this was the first time in our history that a team has reached $5bn in assets.

Article continues after advert

“Although Japan accounted for over 50 per cent of our net inflows, we also saw strong inflows into a wide range of other funds. In particular good inflows were seen into our North America, Emerging Market Income and Healthcare Opportunities UCITS funds.”

In its latest set of annual results, chief executive Tim Woolley confirmed that Polar Capital is “actively looking to make additions” to its investment teams following an 18-month period of consolidation.

He revealed the group plans to develop its alternatives business through investing further in the existing teams and bringing on new managers, having identified a “rapidly growing market” for alternative Ucits products.

Mr Woolley added: “Our recent experience with the launch of our Global Convertible UCITS product is illustrative of the trend. The fund was launched in November and already has nearly $100m.

“We anticipate we will launch additional alternative UCITS product over the coming year to tap into this exciting opportunity on the alternative side.”

The board of Polar Capital has declared a second interim dividend of 21 pence to be paid in July this year which, together with the interim dividend of 4 pence paid in January brings the total dividend for the year to 25 pence.