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Polar Capital doubles profits on new fund launches

Polar Capital says its pre-tax profit has jumped from £11.8m to £27.7m on the back of new fund launches and uplifts in markets.

Assets under management stood at £14.7bn at 30 September, compared to £12bn at the end of March.

Over that six month period, three new emerging market focused funds were launched.

However, the firm is cautious that macroeconomic conditions could start to weigh on performance.

Polar chief executive Gavin Rochussen says: “While we have had a highly satisfactory first six months, there is no doubt that we will encounter more volatile markets and a reduction in risk appetite by investors as developed markets begin to reduce accommodative monetary policy in the case of Europe and Japan and as the US continues to normalise interest rates with monetary tightening.”

Nearly 30 per cent of Polar’s AUM is currently in technology strategies. The next highest proportions are in North America at 17 per cent and healthcare at 15 per cent.

Polar closed its UK Aboslutel Return fund earlier this year, but also continued to stop new investors entering its Healthcare Opportunities fund.

Funds to have suffered outflows incude its Japanese fund strateies and Emerging Markets Income fund.

The firm pocketed net crystalised perfomance fees of £5.5m.

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