Polar Capital sees AUM fall 3% over third quarter

£22.7bn as of end of September

Polar Capital's assets under management declined in the third quarter on the back of underperformance amid the equity market sell-off, as well as outflows.

In its latest quarterly update, Polar Capital said its AUM was down to £22.7bn at the end of September compared to £23.5bn at the end of June. On a six-month basis, AUM was up 4% compared to the £21.9bn posted by the group at the end of March. Market movement and the performance accounted for £0.3bn of the increase, while £0.5bn was attributed to net inflows. However, the latter was driven by flows into open-ended funds, with the firm's investment trusts and segregated mandates seeing net outflows of £102m and £153m respectively.  Market movements and fund performance boost Polar C...