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Polar Capital Holdings assets under management improve at June end

13th Jul 2023 09:00

(Alliance News) - Polar Capital Holdings PLC on Thursday said it increased its assets under management at the end of June compared to three months earlier.

The London-based asset manager, which has three subsidiaries also listed in London, said assets under management on June 30 were GBP19.72 billion, up 2.6% from GBP19.22 billion on April 1 at the start of its first quarter.

During the three-month period, assets under management gains were driven by market movement and performance valued at positive GBP700 million.

This was offset by net outflows of GBP201 million and fund closures of GBP7 million.

"There has been continued demand and inflows into the sustainable emerging market stars, European ex-UK income, healthcare blue chip, biotechnology and smart energy funds with combined net inflows of GBP313 million across these funds in the quarter," Chief Executive Gavin Rochussen.

The rate of net outflows from open-ended technology funds during the quarter continued to decline, Rochussen noted, with GBP103 million of net outflows compared to GBP199 million in the previous quarter.

He continued: "With significant fund capacity and improving relative fund performance, we remain confident that, with our diverse range of active specialist fund strategies, we are well positioned to perform for our clients and shareholders over the long term."

In late June, Polar Capital Holdings reported a lower profit as assets under management dropped amid a "difficult" period for the company.

Pretax profit for the year ended March 31 fell by 27% to GBP45.2 million from GBP62.1 million a year prior. This was amid a 13% drop in assets under management to GBP19.2 billion from GBP22.1 in financial 2022, despite lower share based payments and exceptional items.

Polar Capital Holdings said the drop in AuM consisted of net redemptions of GBP1.5 billion, outflows from fund closures of GBP500 million and a GBP900 million decrease related to market movement and fund performance.

Shares in Polar Capital Holdings were flat at 472.00 pence each in London early Thursday.

By Greg Rosenvinge, Alliance News reporter

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