Polar Capital has reported a £1.1bn increase in its assets under management for the nine months to December 31 2016, in spite of net outflows of £448m in the period.
Figures from the company’s trading statement showed the long only funds business recorded net outflows of £493m in the nine months, which was partially offset by £45m of inflows into the alternative funds part of the business.
These outflows were more than offset, however, by positive market movements of £1.6bn in the period, allowing overall assets under management to increase from £7.3bn at the end of March 2016 to £8.4bn by the end of the year.
Meanwhile figures showed performance fees had fallen during the period to £1.1m for the nine months to December 2016 compared with £3m for the same period in 2015.
In the statement Polar Capital acknowledged “this was not our best year in terms of overall investment performance”, but added that the US election result in November had “triggered a noticeable change in flows into our funds”.
It stated: “December has continued in the same vein that November finished and it is pleasing to report that more than £100m of net inflows were received in the month into our products, giving a total net flow for the quarter of over £300m.”
