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Polar Capital plans Paris office amid Brexit fears

Polar Capital has seen its assets under management grow by 29 per cent (£2.7bn) in the year ending 31 March 2018.

Its pre-tax profit has doubled, from £20.4m in 2017 to £41.3m this year.

The growth in AUM comes after Tim Woolley left as chief executive in July 2017, being replaced by Gavin Rochussen.

Woolley, a co-founder of the company, has announced he will stand down from the board at its AGM today.

The UK Value Opportunities fund, launched in January 2017, saw the highest flows, taking the fund from £464m to £650m in 12 months.

Technology is the group’s largest sector in terms of AUM, totalling 27.5 per cent, and the Global Technology fund saw £372m in flows through the year. Net inflows were positive across 16 out of 22 of Polar Capital’s funds.

Elsewhere, the UK Absolute Return fund was soft-closed during the year and the Healthcare Opportunities fund remains closed for new investors in line with Polar Capital\s philosophy of managing capacity in fund strategies to preserve performance.

The group has also issued a statement for how it will continue to deal with Brexit negotiations, which it says continues to “cast a shadow”.

While it only manages three UK resident products (the rest being Dublin-domiciled), they are closed-ended funds that are not marketed to continental Europe.

The group says as there “remains uncertainty” over arrangements from March 2019, it is opening an AMF regulated subsidiary in France, through which all European activities – including European distribution – will be funnelled.


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