Polar Cap profits drop after £1.2bn Japan outflows

Pre-tax profits at Polar Capital have dipped 5% after outflows from its Japanese strategies saw the fund house's AUM take a £625m hit.

Announcing its annual results, the firm said pre-tax profit dipped from £34.2m to £33.7m following the first year since the financial crisis in which it did not grow its AUM. Total AUM fell from $13.2bn to $12.3bn on the year, driven by a $1.9bn (£1.2bn) outflow from its Japan UCITS funds. On a more positive note, Polar said the strong performance of its Global Convertible Bond strategy has helped assets rise from $10m to more than $275m (£175m) since launch in November 2013. Meanwhile the Japan funds’ performance has subsequently improved following a “disappointing” year to 31 Mar...