Polar Capital Holdings PLC - London-based asset manager - Assets under management at September 30 total GBP19.14 billion, down 0.4% from GBP19.22 billion at April 1. Says this was due to net redemptions of GBP581 million and GBP50 million in outflows from fund closures, offset by a GBP546 million gain from market movement and fund performance. Net performance fee profit for the half year ended September 30 is GBP1.3 million, down from GBP4.8 million the previous year. Notes continued demand and inflows into multiple funds including Artificial Intelligence, Japan Value and Smart Energy, despite a "continued challenging environment" for equity markets.
Chief Executive Gavin Rochussen says: "Despite the challenging backdrop...We remain confident that with our diverse range of differentiated, active specialist fund strategies we are well-positioned to perform for our clients and shareholders over the long term."
Current stock price: 426.50 pence, down 2.5% in London on Thursday
12-month change: up 5.6%
By Emma Curzon, Alliance News reporter
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Polar Capital (POLR)