14th Jul 2016 07:57
LONDON (Alliance News) - Asset manager Polar Capital Holdings PLC on Thursday said its assets under management declined in the first quarter to the end of June.
Polar Capital said it had USD9.6 billion in assets under management at the end of June, down from USD10.4 billion at the end of March.
The majority of the outflows were due to a protracted period of redemptions from its Japan UCITS fund, following an extended period of disappointing performance for the fund.
Some of these outflows were offset by the fall in sterling following the Brexit vote, given most of Polar's funds are not sterling-denominated, as well as some modest inflows into other funds, Polar said.
The firm said the uncertainty which pervaded markets ahead of the UK's EU referendum caused a number of clients to postpone fund allocation decisions in the first quarter. With markets having performed better than had been anticipated after the UK's vote to leave the EU, Polar said clients now appear more disposed to make asset allocation decisions.
Shares in Polar were up 0.3% to 306.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Polar Capital