PE Tech Report


Like this article?

Sign up to our free newsletter

Polar Capital AUM rises by 27 per cent

Polar Capital has reported a recovery in its assets under management, which increased by 27 per cent from USD1.5bn at 30 March 2009 to USD1.9bn at 30 September 2009.

The company says equity markets have recovered over the past six months, which has benefited its long only funds and enhanced the outlook for its clients, resulting in an improvement in fund flows.

Polar Capital made a loss before tax and share-based payments of GBP0.4m, compared with a profit of GBP1.5m at 30 September 2008.

The company’s basic loss per share was 0.62p (30 September 2008: earnings per share of 0.59p) and its adjusted diluted loss per share was 0.34p (30 September 2008: earnings per share of 1.25p).

The first interim dividend per ordinary share of 1.0p (2008: 1.0p) will be paid in January 2010.

Polar Capital says it is well capitalised, with a strong balance sheet comprising cash of GBP28.1m of and GBP9.3m of investments.

Current AUM as at 30 November 2009 was up 5.2 per cent from 30 September 2009 to USD2.0bn.

Tim Woolley (pictured), chief executive officer, says: “Our excellent investment performance together with our robust operational platform and our strong financial position gives me cause for cautious optimism as I look ahead to the second half of the fiscal year and beyond into 2010.

“The performance of our funds should continue to attract inflows and we are also positioned to attract further investment talent in the year ahead allowing us to expand our product offering to our clients, while also developing and diversifying our business. Our distribution and client service capability will support this growth and we look forward to carefully expanding these areas as we bring in additional teams.

“The external environment no doubt will continue to throw up challenges but I am confident, given the experience of the last 18 months, that we are well placed to meet those challenges.”

Like this article? Sign up to our free newsletter