LONDON (Alliance News) - Polar Capital Holdings PLC, a specialist asset manager listed on AIM in London, on Monday said the assets under its management fell in the six months to the end of September, struck by the effect of falling markets on its long-only funds.
Assets under management amounted to USD10.93 billion as recorded on September 30, compared with USD12.26 billion at the end of March. Net performance fees for the six months to September 30 were GBP3.9 million, compared with GBP4.2 million in the corresponding period the prior year.
The company said that a net USD710 million was redeemed from its funds by investors in those months, with a further USD616 million lost due to market movement and performance.
The asset manager said the level of net outflows from its main Japan fund slowed considerably compared to recent quarters, with the fund returning to net inflows during September. Net inflows into a range of the company's other funds were insufficient to offset the outflows seen from Japan in July and August. The level of net outflows for the latter quarter, at USD135 million, was considerably lower than that seen in the June quarter.
"Short-term our AUM levels will be heavily impacted by the direction of world stock markets but the generally strong performance of our funds gives us encouragement that we can return to quarterly net inflows again if market conditions improve," Polar Capital said.
In addition, the asset manager named Peel Hunt as its joint broker alongside Canaccord Genuity.
Shares in Polar Capital Holdings were down 0.2% at 371.15 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Polar Capital (POLR)