17th Oct 2013 10:40
LONDON (Alliance News) - Polar Capital Holdings Thursday said it is set to close its UK equity team and doesn't expect to recruit a replacement division.
Polar Capital said closing the UK equity team will result in a USD293 million outflow in the December quarter.
The company said the departure of the UK team would leave ten teams in place, leaving further scope to add additional teams should the opportunity arise.
"Given the renewed uncertainly in markets over recent weeks we would expect the levels of net inflows to be less certain and possibly materially lower in the upcoming quarters notwithstanding the loss of the UK related assets. The group believes that despite this qualification it remains well positioned to grow both assets and profitability further over the longer term," the company said in a statement.
Polar Capital's assets under management totalled USD11.41 billion on September 30, an increase on the USD7.21 billion on March 31.
The company had USD3.25 billion inflows in the six months to September 30, with "a surprisingly high level of inflows in the historically slower summer second quarter amounting to USD1.4 billion."
Polar Capital Holdings shares were Thursday quoted up 3.1% at 455.0 pence.
By Samuel Agini; [email protected]; @samuelagini
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