9th Jul 2015 08:08
LONDON (Alliance News) - Polar Capital Holdings PLC Thursday said there are signs that the heavy outflows from its crucial Japan business are beginning to subside.
Assets under management and pretax profit came under pressure in the company's last financial year as a result of sizeable redemptions from its main Japan fund, meaning the asset gatherer failed to grow the assets it manages for clients for the first time since the banking crisis.
"We have previously commented that we were hopeful as we commenced a new financial year that the heavy Japan outflows that had been experienced over the past twelve months would start to recede. The evidence is that this is indeed the case as the team's recent top decile quarterly and top quartile six monthly numbers have reminded investors of the team's long term top decile performance since inception," Polar Capital said in a statement.
The news came as Polar Capital said assets under management were broadly stable in the first quarter of its financial year, ending the three months ended June 30 more or less unchanged at USD12.30 billion, up from USD12.26 billion at the end of March, as market movement and performance of USD618 million more than offset net redemptions of USD575 million.
Polar Capital Holdings shares were down 1.0% at 436.00 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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