Polar Capital  

Polar Capital's AUM up after fund closures

Polar Capital's AUM up after fund closures

Polar Capital, the specialist asset management group, said yesterday that its assets were up by more than a billion pounds, half due to net inflows and half due to market movement and perfomance after it closed underperforming funds.

The company now has £11.7bn under management, up from £9.3bn at the end of March 2017. 

Polar Capital reported it had a satisfactory quarter with "pleasing net inflows" despite the termination of four underperforming funds during the quarter.

These fund closures included two in December - its Global Alpha Fund and its Emerging Market Growth fund.

The group's interim results, on 11 December, showed a pre-tax profit of £11.8m against £8.5m.

Gavin Rochussen, chief executive of Polar Capital, announced a shift in strategy at the time of the interim results.

He said: "While the ethos and philosophy of Polar will not change, there will be a strategic focus on diversification of fund strategies, client segments and client geography.

"We continue to search for top performing investment talent to manage funds that will complement the existing strategies."