Polar Capital assets climb to nearly £15bn

Polar Capital assets climb to nearly £15bn

Fund group Polar Capital saw its assets under management climb by nearly £3bn in the six months to the end of September.

The strong half year performance took the company's total assets under management to £14.7bn.

Polar, which styles itself as a research-driven investment business for entrepreneurial fund managers, saw net new flows of £739m into its long-only fund range and a further £193m into its alternative  products.

The additional rise in AUM was the result of market movements and positive investment performance.

Polar saw inflows into its Technology, Healthcare, Insurance, Convertibles and UK Value strategies during the quarter.

Profits from performance fees over the half year period to end of September 2018 stood at £32.5m, up from £9.6m in the same six months of 2017.

The business warned these profits were provisional as the trading update was released three months before these fees were due to crystallise.

In a statement accompanying the results, it said: "We disclose the profits that could be due to Polar as a function of the amount of accrued performance fees in our funds as at the end of September.

"There is no certainty that the fees will be sustained over the next quarter, as performance fee receipts are extremely volatile, but nevertheless the quantum of potential net performance fee receipts is a marked improvement on the position of 2017, which itself was a record year in terms of such performance fee profitability."