Asset manager Polar Capital has blamed "difficult industry conditions" after profits fell and its funds suffered net outflows of £763m in the six months to the end of September.
In its interim results for the period, the fund house accepted it had not been "immune" from the net redemptions hitting long-only equity portfolios amid market uncertainty.
Core operating profit excluding performance fees for the six months to September 30 were £9.2m, down from £12.4m a year before.
Assets under management moved up from £7.3bn at the end of March 2016 to £7.7bn, as fund outflows were offset by market and currency movements.
Tim Woolley, the firm's chief executive officer, said: "This was certainly a challenging period to navigate with considerable uncertainty leading up to the EU referendum and considerable volatility in markets after the result.
"Long-only equity funds in general experienced large net redemptions over the period, and we were not immune from such industry conditions.
"Our fund inflows have picked up markedly since the US election but it remains too early to suggest this is a reversal of the difficult industry conditions that we experienced through the first seven months of our financial year."
The asset manager also outlined plans to launch a UK value long-only offering at the end of January for former Miton managers Georgina Hamilton and George Godber, noting the team could "make a significant contribution in fiscal 2018 and beyond".
