14th Apr 2016 08:02
LONDON (Alliance News) - Asset manager Polar Capital Holdings PLC on Thursday said its assets under management fell in the year to the end of March.
Polar, which offers a range of hedge funds and investment trusts, said its assets under management at the end of March totalled USD10.4 billion, down from USD12.3 billion a year earlier.
Polar said the financial year ended on a disappointing note, with a rise in outflows from its Japan-focused fund following an extended period of underperformance against the market.
The company said it recorded net inflows into its non-Japan funds in the year, giving confidence it can grow assets under management and profit once the Japan business stabilises.
Near term, however, Polar said the outlook for global stock markets looks uncertain, and this will continue to have a short-term impact on its trading.
Polar Capital shares were down 2.4% to 341.67 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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