(Alliance News) - Polar Capital Holdings PLC on Thursday reported an increase of assets under management during the first nine months of its financial year, but it had another "challenging" quarter.
As at December 31, the end of its third quarter, assets under management were 2.8% higher than April 1 at GBP14.22 billion.
Over the nine-month period, net outflows of GBP1.07 billion were more than offset GBP1.46 billion of positive market movement and fund performance, Polar explained.
Quarter-on-quarter, assets under management decreased by roughly 0.6%, from GBP14.3 billion.
Chief Executive Gavin Rochussen said: "Although assets under management in the nine months has increased by GBP400 million from GBP13.8 billion to GBP14.2 billion, it has been another challenging quarter.
"Net outflows of GBP623 million were offset by an increase in assets under management of GBP542 million from market and performance movements resulting in a decline in assets under management in the quarter of GBP81 million," he continued, referring to the company's third quarter performance.
Reduced political uncertainty in the UK saw more people turn to the UK Value Fund, Polar said, reporting net inflows of GBP100 million in the fund during December.
Polar Capital said: "This led to net outflows from our North American Fund of GBP611 million in the quarter, which includes the reallocation of a client mandate away from North American equities to alternative asset classes.
"The Japan Value Fund continued to perform well and had net inflows in December of GBP48 million marking an end to multi-year monthly outflows from our Japan funds."
Shares in the company were 0.7% lower at 562.00 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Polar Capital (POLR)