10th Oct 2024 10:24
(Alliance News) - Polar Capital Holdings PLC on Thursday said assets under management grew in the first half of its financial year, despite a decline in the second quarter.
The London-based investment management company said its assets under management at September 30 were GBP22.69 billion, rising 3.7% from GBP21.89 billion on April 1. The increase resulted from net inflows of GBP472 million, as well as positive market movement & fund performance of GBP323 million.
Chief Executive Officer Gavin Rochussen said: "There has been continued demand for a broad range of our funds during the quarter. Those in net inflows included the Emerging Market Stars, Healthcare Opportunities, Japan Value, Artificial Intelligence and Biotechnology Funds, with combined net inflows of GBP393 million across these funds in the quarter."
However, Gavin Rochussen added: "The more challenging market environment over the last quarter resulted in assets under management declining from GBP23.5 billion at the end of June 2024, primarily due to negative market movement & performance of GBP655 million after the summer equity sell-off alongside new outflows of GBP172 million driven by mandate redemptions.
"We remain confident that with our diverse range of differentiated, active specialist fund strategies, we are well-positioned to perform for our clients and shareholders over the long-term."
Shares in Polar Capital were down 1.5% at 526.00 pence each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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