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(Alliance News) - Polar Capital Holdings PLC on Thursday reported a 14% drop in managed assets amid a "bear market sell-off" over the quarter.
Polar Capital is a London-based specialist active fund manager.
The company reported that in the quarter to June 30, assets under management dropped by 14% to GBP18.95 billion compared to GBP22.12 billion at the end of March. This was primarily driven by a GBP2.39 billion negative market movement and fund performance, particularly in open ended funds.
Chief Executive Officer Gavin Rochussen said a "combination of the bear market sell-off, net outflows, fund closures and fund performance" resulted in the decline in AuM.
During the quarter, the firm reported net outflows of GBP316 million, but added: "There has been continued demand and inflows into the Sustainable Emerging Market Stars, Global Insurance, Healthcare Blue Chip, Global Absolute Return and Smart Energy Funds with combined net inflows of GBP275m across these funds."
Rochussen said: "With significant fund capacity and improving relative fund performance, we remain confident that with our diverse range of active specialist fund strategies we are well positioned to perform for our clients and shareholders over the long term."
Shares in Polar Capital were down 1.5% to 450.00 pence each in London on Thursday morning.
By Sophie Rose; sophierose@alliancenews.com
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