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(Alliance News) - Polar Capital Holdings PLC on Thursday noted the positive potential of interest rates peaking and being cut as it cited a "strong" pipeline of client interest.
The London-based investment trust, focused on global healthcare investments, said assets under management grew 14% to GBP21.89 billion as at March 31, from GBP19.22 billion at April 1, 2023.
Shares in the company shot up 16% to 529.00 pence each on Thursday morning in London.
The company highlighted open-ended technology funds. Chief Executive Gavin Rochussen said that during the final quarter in the financial year ended March 31, open-ended technology funds saw net inflows of GBP327 million, swung from net outflows of GBP136 million a quarter ago and from GBP199 million of net outflows a year prior.
For just March, Polar Capital reported GBP212 million of net inflows, swung from GBP40 million of net outflows in March 2023.
Looking ahead, he said: "Whilst global financial markets remain exposed to several headwinds, the potential of interest rates peaking and central banks beginning to consider the possibility of rate cuts bodes well for equities in general and investors will, we believe, continue to seek additional exposure to the asset class. Our pipeline of client interest remains strong, and we have the capacity to meet investor demand for our active specialist fund strategies."
CEO Rochussen added: "We remain confident that with our diverse range of differentiated active specialist fund strategies we are well-positioned to perform for our clients and shareholders over the long term."
The company will publish its annual results for the financial year ended March 31 on June 27.
By Tom Budszus, Alliance News slot editor
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