Polar Capital reports 19% drop in AUM in 'challenging' year

Japanese redemption offset flows into convertibles

Assets under management at Polar Capital fell 19% on last year, as the group reported further outflows from its Japanese strategies in what has been a "challenging" year for the firm.

In the group's half-yearly results, overall AUM fell to $10.9bn (£7.1bn) by 30 September, 19% lower than 12 months ago and 11% lower than the $12.3bn (£8.1bn) reported on 31 March 2015. Much of the redemptions were from the Japan funds, which shrunk from $5.3bn last year to $3bn on 30 September. CEO Tim Woolley (pictured) said: "This proved another challenging half year for us. During the last six months we saw a significant fall in global equity markets in late summer and further redemptions from our Japan fund. These two headwinds more than offset some good inflows seen on global co...