AuM at Polar Cap surge

Assets under management (AuM) at fund manager Polar Capital rose by more than 20% in the six months to the end of September.AuM at the end of September stood at $3.1bn, compared with $2.5bn at the end of March and $1.9bn at the end of September 2009.The investment management firm saw particularly strong growth in its technology, Japanese and Healthcare long-only portfolios, and its European and UK hedge fund strategies.Profit before tax and share based payments was £2.3m, versus a loss of £0.4m the year before. With share based payments taken into account, pre-tax profits were £1.97m, against a loss of £0.56m last year.The calculation and payment of performance fees falls mainly in the second half of the company's financial year, noted Tim Woolley, the company's chief executive. "It is encouraging that as at the end of September 2010 there existed on a mark to market basis fees in excess of the quantum of such fees received in the whole of last year, albeit that the actual receipt of such amounts in the second half is susceptible to both market and fund performance," Woolley said.Revenue rose to £12.07m from £6.82m the year before. An interim dividend of 1.5p has been proposed, up from 1.0p last year. Polar Capital