Polar Capital reports growth in assets under management

11th Jul 2024 11:37

(Sharecast News) - Active asset manager Polar Capital reported a significant increase in its assets under management (AuM) for the quarter ended 30 June on Thursday, rising to £23.5bn from £21.9bn at the end of March, making for a 7% increase.

The AIM-traded firm said the growth was driven by net inflows of £0.6bn and a positive market movement and fund performance contributing an additional £1bn.

It said open-ended funds saw an increase of £719m, while investment trusts experienced a slight decrease of £78m, and segregated mandates grew by £3m, totaling a net inflow of £644m.

Market movement and performance added £978m to the AuM, with open-ended funds contributing £585m, investment trusts adding £391m, and segregated mandates contributing £2m.

As of 30 June open-ended funds stood at £17.3bn, investment trusts at £5.4bn, and segregated mandates at £821m.

"There has been continued demand for a broad range of our funds during the quarter," said chief executive officer Gavin Rochussen.

"Given the strategic focus on growing distribution in the US, it is pleasing that Morningstar have upgraded the Emerging Markets Stars US 40 Act mutual fund from a bronze to a silver rating, driven by increased conviction in our investment team."

Rochussen said that, while the pipeline of investor interest for the company's fund range remained strong, with two consecutive quarters of net inflows, investors were still grappling with multiple geopolitical and market risks, and thus the potential for further redemptions remained.

"We remain confident that, with significant fund capacity and improving relative fund performance in our diverse range of differentiated active specialist fund strategies, we are well positioned to perform for our clients and shareholders over the long term."

At 1107 BST, shares in Polar Capital Holdings were up 4.02% at 605.39p.

Reporting by Josh White for Sharecast.com.