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(Alliance News) - Polar Capital Holdings PLC on Thursday announced an increase in assets under management of 25% from GBP12.2 billion at the end of the March quarter to GBP15.2 billion in the quarter ending June 30.
The London-based specialist active asset management group said in the quarter, assets under management increased by GBP3 billion of which GBP488 million were net subscriptions. This was offset by outflows of GBP301 million from closing the UK absolute equity fund and GBP2.9 billion related to market movement and fund performance.
Chief Executive Gaven Rochussen said: "Given the challenging market conditions, it is pleasing to report a quarter of GBP488 million of net subscriptions across our continuing fund range with more than 60% of our AuM outperforming benchmark in the current calendar year.
"The return of GBP301 million to unit holders following the suspension and closure of our UK Absolute Equity Fund resulted in net inflows in the quarter of GBP187 million."
Polar Capital shares were down 0.4% at 483.00 pence on Thursday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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