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Polar Cap sees £10m profit on top fund performance

Polar Cap sees £10m profit on top fund performance

Polar Capital has seen pre-tax profits of £9.6 million for the year to the end of March, on the back of strong fund performance and robust investor inflows.

The group saw net inflows of over $1 billion during the year and net inflows every quarter, while assets under management for the year were up by 31% at $5.08 billion (£3.2 billion), versus $3.87 billion in 2011.

Dividends for the year were also up by 20%, to 9p per share, compared with 7.5p in 2011.

Tim Woolley, the group’s chief executive said: ‘Investment performance has been strong with seven out of eight long only funds in the top quartile for the year and four out of our six hedge funds ending the year in positive territory. 

‘We also continue to deliver on our strategy of diversifying our offering with the addition of three new teams and strategies, bringing us up to eleven teams in total, and expanding our distribution capability further.

‘Assuming market conditions do not deteriorate further, we are well positioned for further significant growth in the year ahead.’

The group said seven out of eight of its long-only funds have been in the top quartile, while the firm has earned its performance fees for the eleventh successive year.

Polar Capital also unveiled its new North American fund in November 2011, which raised $75 million and has subsequently grown to $137 million by the year end.

Over three years, Polar Capital Global Technology, managed by Nick Evans and Ben Rogoff (pictured) has delivered 73.47% compared with the FTSE AW/Technology Total Return’s 58.59%.

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