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Polar Capital profits double as it hits £12bn

The fund firm has hit £12 billion in assets under management on the back of a £1.9 billion inflow in 2018.

Polar Capital profits double as it hits £12bn

Polar Capital has hit £12 billion in assets under management on the back of a £1.9 billion inflow in 2018. 

This represents at 29% increase in assets over the period, covering the 12 months to the end March. 

This strong return helped the funds business more than double pretax profit from £20.4 million to £41.3 million. The dividend was increased from 25p to 28p. 

Polar said 16 of the 22 funds in its range registered positive inflows over the year. 

The star was the UK Value Opportunities fund, managed by George Godber and Georgina Hamilton, which took £464 million over the year. This was followed by the Global Technology and UK Absolute Return funds, which attracted £372 million and £337 million respectively.

Polar diversified its business further earlier this month, with the hire of a five-strong emerging markets team. 

The firm intends to launch an Emerging Markets Stars fund, Asia ex-Japan fund and a China Focus fund for the team in the future. 

Commenting on the performance Gavin Rochussen (pictured), who was appointed chief executive in July, doffed his hat to the previous boss of the business. 

'I would like to thank my predecessor, Tim Woolley, who was not only CEO but also a co-founder of the company,' Rochussen said. 

He successfully navigated this niche active fund management boutique through challenging times following the financial crisis and has handed over a sound company with a strong culture and compelling business model.

He added: 'It is comforting that the majority of our strategies have performed ahead of benchmark in the more volatile markets experienced in the first quarter of 2018.

'While there remains geopolitical tension and the finalisation of Brexit terms cast a shadow, we are well positioned as fundamental research-driven, active fund managers to find opportunities globally and to continue to deliver above average returns for our clients.'

 

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