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LONDON (Alliance News) - Polar Capital Holdings PLC, an investment manager, on Friday said its recent performance has improved "markedly" after a "challenging" first half to its financial year.
Falling global equity markets and further redemptions from its Japan fund more than offset "some good inflows" seen in global convertibles, financials and healthcare.
"Our long-term fund performance remains strong, with our two new strategies of UK Absolute and European Income also delivering good performance in their first year," Chief Executive Tim Woolley said in a statement.
"Whilst global stock markets are likely to be volatile in the face of near-term geopolitical concerns, we believe that we remain well positioned to resume growth again over the medium-term," Woolley said.
Pretax profit rose to GBP11.7 million in the six months ended September 30, from GBP11.6 million the corresponding half the prior year. However, core operating profit, excluding performance fees, fell to GBP12.4 million in the half versus GBP13.9 million the corresponding period the prior year.
Assets under management amounted to USD12.0 billion on November 30, having fallen to USD10.9 billion on September 30 from USD12.3 billion on March 31.
Polar Capital maintained a 5.5 pence interim dividend.
Shares in Polar Capital Holdings were down 4.1% at 360.00 pence on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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