Polar Capital AUM dives £3.3bn in 'challenging' period

Lower pre-tax profit of £23m

Polar Capital has reported assets under management fell by £3.3bn since March, as it suffered from outflows, negative market moves and redemptions from its failed boutique.

The fund manager reported assets of £18.8bn for the six months to the end of September, down 15% from £22.1bn at the end of March, rising to £19.2bn at 11 November. Gavin Rochussen, chief executive officer at Polar Capital, said: "The last six months have been challenging for all asset management firms, whatever their size or business model." However Polar faced particular issues that hit its AUM. Assets continue to trickle from Polar Capital The fall comprised net redemptions of £800m, outflows of £459m related to the collapsed Phaeacian Partners boutique and £2bn decrease rela...