13th Oct 2016 07:34
LONDON (Alliance News) - Polar Capital Holdings PLC said Thursday it has continued to experience net fund outflows over the six months to the end of September despite a rise in total assets driven by the depreciation in sterling and a rally in global equities.
AIM-listed Polar Capital reported its total assets under management stood at GBP7.66 billion at September 30, up from GBP7.26 billion at March 31. However it saw net outflows of GBP772 million in the period, driven especially by its long only funds where the company reported net outflows of GBP816 million.
Polar Capital said outflows had been particularly concentrated in its Japan UCITS fund.
Polar Capital said the rise in assets had been driven almost entirely by the weakness in sterling since the Brexit vote as most of its funds are not sterling-denominated, and a "healthy rise" in global markets over the last few months.
Polar Capital added that industry data indicated outflows from long only equity funds in July were in excess of those at the height of the 2008 financial crisis but it had seen increased interest in a number of its funds.
Shares in Polar Capital were up 2.2% at 295.00 pence Thursday.
By Adam Clark; [email protected]
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