Polar Capital outflows slow but lower performance fees hit profits

Outflows of £230m

Polar Capital saw assets under management (AUM) increase by 27% to £9.3bn in the year to 31 March 2017 driven by weaker sterling and market movements, but profits were hit by a reduction in performance fees.

AUM increased from £7.3bn to £9.3bn in sterling terms over the year, but the group continued to record outflows, albeit at a slower pace, while profits were also lower. The firm said eight out of 12 strategies saw inflows, but overall outflows were recorded at £230m, which it said was "markedly lower than last year" and the group had returned to net inflows by the second half of the year. Polar Capital reports outflows amid 'unhelpful' backdrop The four strategies suffering redemptions were Japan, GEM, the long only North America strategy and absolute return Europe. Japanese st...