22nd Jun 2015 07:19
LONDON (Alliance News) - Polar Capital Holdings PLC Monday reported lower assets under management and pretax profit in its last financial year, hurt by big redemptions from its main Japan fund.
Chief Executive Tim Woolley said the fall in assets under management to USD12.3 billion from USD13.2 billion during the year ended March 31 was the first time Polar Capital had failed to grow the figure since the banking crisis.
"We experienced inflows into a wide range of funds but we saw significant redemptions from our main Japan fund having had remarkable and unprecedented inflows in the previous year. We are though far from downbeat as the company enters the new fiscal year and the opportunity ahead of us remains exciting and significant," Woolley said in a statement.
Chairman Tom Barlam said: "We are hopeful that our Japanese business will stabilise over the coming months and that we can once again start to grow our assets under management and profits given the many and varied fund opportunities we now have."
Pretax profit fell to GBP31.1 million in the financial year ended March 31, compared with GBP32.8 million in the prior year.
Excluding performance fees, core operating profit was up 13% to GBP27.7 million.
Polar Capital's dividend for the year was unchanged at 25 pence per share.
Shares in Polar Capital were untraded early Monday, having last traded at 434.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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