(Alliance News) - Polar Capital Holdings PLC said Thursday its asset under management increased considerably over the first half of its financial year, as a result of market movement and fund performance.
The active asset management group reported GBP16.36 billion in assets as at September 30, up 34% from GBP12.16 billion at the start of April, with positive market movement and fund performance of GBP3.59 billion, more than offsetting net outflows of GBP301 million due to the closure of UK Absolute Equity Fund.
For the six month period, net performance fee profits more than doubled to GBP14.2 million from GBP4.2 million. This was due to a rise in accrued, but not yet earned income to GBP13.7 million from GBP900,000.
"It is pleasing to report another quarter of inflows with GBP419 million of net subscriptions across our fund range in the last three months and 70% of our assets under management outperforming benchmark in the current calendar year," said Chief Executive Gavin Rochussen.
"We continue to function resiliently across the firm under remote working conditions. We remain confident that with our highly active specialist fund strategies we are well positioned to perform for our clients and shareholders over the long term," Rochussen added.
Shares in Polar Capital Holdings were 1.5% at 521.64 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Polar Capital (POLR)