19th Apr 2007 07:00
Polar Capital Holdings PLC19 April 2007 19 April 2007 Polar Capital Holdings plc Trading Update Polar Capital Holdings plc ("Polar Capital" or the "Company"), the specialistasset management group, today provides a trading update for the year ended 31March 2007 in advance of the Company's preliminary results, scheduled to beannounced on 26 June 2007. As at 31 March 2007 funds under management stood at $3.4 billion, an increase of38.6% since 31 March 2006. For the year, the Company experienced a net inflowof funds of approximately $700 million primarily into the firm's portfolio ofhedge funds. It is expected that profit before tax for the year ended 31 March 2007, prior toIPO costs, will exceed £11 million. Commenting on today's trading update, Mark Kary, Chief Executive of PolarCapital said: "Over the past 12 months we have entered a significant seeding arrangement withXL Capital to enhance our ability to launch new funds (six new funds have beenlaunched this year) and completed a successful IPO on AIM. The 38.6% increase infunds under management to $3.4 billion, the continued performance of our productrange and our strong operational infrastructure position us well for futuregrowth." For further information please contact: Polar Capital +44 (0)20 7227 2700Mark KaryJohn Mansell Bridgewell +44 (0)20 7003 3000Ben Money-CouttsStephen Cheung Financial DynamicsEd Gascoigne-Pees +44 (0)20 7269 7132Paul Marriott +44 (0)20 7269 7252 About Polar Capital Polar Capital was founded in December 2000 by Brian Ashford-Russell and TimWoolley who were previously responsible for the management of Henderson GlobalInvestors' technology funds. Caledonia Investments plc became a foundingshareholder and Polar Capital's corporate structure was established and receivedregulatory approval in January 2001. Mark Kary joined as CEO from Morgan Stanleyin April 2005 to lead the Company's next stage of development and in October2006 the Company entered into a seeding agreement with a subsidiary of XLCapital Ltd (NYSE:XL) which has committed to provide up to $175m in investmentseed capital to support the launch of certain new funds. Today Polar Capital has a staff of 54 of whom 29 are investment professionalsmanaging 16 funds, one managed account and two advisory relationships. Thesefunds, which are aimed at institutional and professional investors, havecombined assets under management at 31 March 2007 of $3.4bn. Polar Capital'sfirst business unit focused on the technology sector, and subsequent recruitmentresulted in the establishment of the Japan and UK teams (2001), Europe (2003),Global Emerging Markets (2004), Utilities (2005), and Macro and GlobalOpportunities (2006). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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