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(Alliance News) - Polar Capital Holdings PLC on Monday reported a fall in average assets under management, with net management fees also decreasing.
The London-based specialist active fund manager said pretax profit in the six months to September 30 fell 27% to GBP23.0 million from GBP31.7 million a year prior. Net management fees dropped by 14% to GBP80.0 million from GBP92.9 million.
Meanwhile, average assets under management fell 11% to GBP20.0 billion from GBP22.5 billion.
The company declared an unchanged dividend of 14.0 pence per share.
Looking ahead, Polar Capital said it is confident that it will perform for its clients and shareholders in the long term.
Polar Capital shares were down 0.3% at 471.00 pence each in London on Monday morning.
By Tom Budszus; tombudszus@alliancenews.com
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