Polar Capital profits sink as AUM falls 13%

Core operating profits down 31%

Polar Capital’s profits before tax fell 27% over the last year as the firm struggled to maintain its assets under management, according to its annual results.

In the annual results to 31 March 2023, it revealed that AUM had fallen 13% to £19.2bn, while core operating profits for the firm dropped by 31%. Despite the drop in profits, the firm's dividend for the year was maintained at 2022 levels at 46p per share. Gavin Rochussen, CEO of Polar, argued that the decline in AUM was "considered modest relative to industry wide outflows". Polar Capital appoints emerging markets and Asia fund manager He noted the firm's Emerging Market Stars range had net inflows in the year of £236m, while its Sustainable Thematic Equities strategy had in...