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(Alliance News) - Polar Capital Holdings PLC on Monday said its assets under management had risen to GBP25.0 billion, following on from resilient growth in the first half of its financial year.
The London-based specialist active asset management group's reported assets reached GBP23.4 billion in the first half ended on September 30, up 12% from GBP20.9 billion on March 31. Assets then went on to reach GBP25.0 billion on November 12.
"Our diverse and differentiated range of sector, thematic and regional fund strategies and our performance led culture where 74%, 93% and 99% of our AuM is in the top two quartiles against peers over three years, five years and since inception respectively together with significant remaining capacity provides confidence that momentum will continue," Chief Executive Gavin Rochussen said.
The asset manager recorded a pretax profit of GBP31.7 million in the first half, up 17% from GBP27.0 million a year earlier.
Core operating profit surged to GBP36.3 million, up 65% from GBP22.0 million. Meanwhile net management fees increased to GBP92.9 million from GBP61.8 million.
The trust said its Emerging Market Stars and Asian Stars funds, both of which incorporate sustainability, delivered outperformance, building on their strong foundations since inception at Polar in 2018. While its Technology and Healthcare funds have had a tougher time in the first six months of the financial year, in part due to the outperformance of the very large companies in their respective areas.
Polar Capital declared an interim dividend of 14.0p, up 56% from 9.0p a year before.
Shares in the trust were up 1.0% to 828.00p each in London on Monday morning.
By Will Paige; willpaige@alliancenews.com
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