Polar Capital sees profits double to £41m; Plans Paris office

Performance fees at record high

Polar Capital has seen pre-tax profits more than double from £20.4m to £41.3m as performance fees reached their highest ever level, while the company is also seeking an office in Paris post-Brexit.

In its full-year results for the year to 31 March 2018, Polar said the increase in profitability was due to a combination of market uplift, fund performance, performance fees, net inflows and investment gains on seed capital. Net retained performance fees, after deducting the fund managers' shares, amounted to £15.3m compared to just £1.2m the prior year. The firm said performance fees were the highest in its 18-year history. In the first full-year results since the appointment of Gavin Rochussen as chief executive last July, assets under management increased from £9.3bn to £12bn over...