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LONDON (Alliance News) - Polar Capital Holdings PLC Thursday said its assets under management grew by 14% over the third-quarter, despite net inflows coming in lower than in the previous two quarters.
In a third-quarter update, Polar Capital said assets under management grew to USD13.00 billion from USD11.4 billion in the three months to December 31, driven by strong performance fees.
Net performance fees for the first nine months of the year came to GBP7.6 million. In the first six months, they amounted to GBP4.5 million, meaning the asset manager added GBP3.1 million in the third-quarter.
The AIM-listed specialist investment manager said net inflows in the third-quarter were just under USD1 billion.
"As we cautioned at the interim results, our net inflows for our third quarter, at just under USD1 billion, were below the levels seen in the previous two quarters, although it was pleasing to see inflows continue across a wide range of strategies," Polar Capital said in a statement.
"Markets have made an uncertain start to 2014, but assuming market conditions do not deteriorate, we remain well positioned to grow assets further in 2014," the investment manager added.
At the time of its half-year results, published in December, Polar Capital said net inflows for the first six months of the year totalled USD3.2 billion.
According to Thursday's statement, for the first nine months of the year to December 31, net inflows totalled USD4.19 billion.
In early December, Polar Capital said its growth was set to slow after high growth levels in recent quarter.
Polar Capital shares were Thursday quoted at 571.00 pence, up 13.00 pence, or 2.3%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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