IN BRIEF: Polar Capital grows assets as technology fund improves
Polar Capital Holdings PLC - London-based investment manager - Says assets under management increased by 8% in the first-quarter. Estimates GBP23.16 billion AuM at June 30, versus GBP21.41 billion at March 31. Attributes the rise to GBP2.7 billion in market movements, GBP600 million in net outflows and a GBP300 million one-off return to investors via tender offer. Estimates net inflows of GBP124 million with sustained demand for "broad range" of funds. Adds that outflows for the Technology fund improved to GBP162 million from GBP200 million on-quarter, with remaining outflows "primarily from the closure of an institutional mandate managed by the Healthcare team and an asset allocation change by a single Emerging Markets Stars client." Chief Executive Gavin Rochussen comments: "With significant fund capacity and improving relative fund performance in our diverse range of specialist active fund strategies, we are well positioned to perform for our clients and shareholders over the long term." Read More