Polar Capital sees assets increase past £10bn

Polar Capital sees assets increase past £10bn

Polar Capital has seen its assets under management increase to £10.6bn at the end of September.

This is a rise from the end of March, when the figure stood at £9.3bn.

The specialist asset management group announced the figures today (Thursday) as part of its quarterly update on its unaudited statement of its AUM.

Gavin Rochussen, chief executive at Polar Capital, said the company had a “satisfactory” quarter in terms of both performance and flows.

He said: “It is also gratifying to report another quarter of positive net inflows with over £350m received in the quarter following our first quarter of over £450m of net inflows.

“The flows this quarter were seen across a number of strategies including our two UK strategies, technology, healthcare, insurance, income opportunities and European Income.

“The current quarter has started in an encouraging fashion following the successful launch of the Automation and Artificial Intelligence fund.”

Polar Capital now has the funding requirement for its long-term incentive plan and said buying stock in the market on behalf of the Employee Benefit Trust is an efficient way to address the dilutive effects of issuing shares.

 Mr Rochussen said: “The group continues to enjoy a strong balance sheet and capital position and therefore wishes the market to be aware that in future it may use the buyback authority granted it by shareholders at the group’s annual general meeting.”