LONDON, Oct 10 (Reuters) - Polar Capital booked a
3% rise in assets under management to 14.3 billion pounds ($17.5
billion) in the half-year to Sept. 30 but saw total net
performance fee profits drop to 4.2 million pounds, from 32.5
million pounds a year ago.
The company reported 0.9 million pounds of performance fees
accrued but not yet earned, compared with 27 million pounds for
the corresponding period last year.
Assets under management increased by 467 million pounds
which comprised net outflows of 448 million pounds - almost
entirely due to exits from its Japan Fund - offset by an
increase of 915 million pounds related to market movements
and fund performance.
"While accrued performance fees are materially less than the
previous year, fees are volatile, and the position three months
ago was more in line with last year," Chief Executive Gavin
Rochussen said in a statement on Thursday.
"There are still three months to the end of the calendar
year when performance fees crystallise. We remain confident that
our active fundamental fund strategies will continue to deliver
above average returns over the long term for our clients."
Polar said it had seen net inflows into the majority of its
funds including global insurance, UK value, European income and
Emerging market and Asia, despite economic and political
uncertainty.
($1 = 0.8181 pounds)
(Reporting By Sinead Cruise, editing by Simon Jessop)
Polar Capital (POLR)