LONDON (ShareCast) - (Sharecast News) - Polar Capital reported an 8% increase in assets under management to £23.2bn for the quarter ended 30 June on Thursday, up from £21.4bn at the end of March.
The AIM-traded firm said the gain was driven by £2.7bn in fund performance and market movements, offset by £0.6bn in net outflows and a £0.3bn capital return following a tender offer by the Polar Capital Global Financials Trust.

"Total AuM in the quarter increased by £1.8bn from £21.4bn to £23.2bn, an 8% increase," said chief executive Gavin Rochussen.

The quarter saw net inflows into a range of funds including Artificial Intelligence, Asian Stars, Financial Credit, Global Insurance, North American, Japan Value, European Income, Global Absolute Return, and International Small Company strategies, with combined net inflows of £124m.

However, that was outweighed by outflows elsewhere, including £162m from the Technology fund and the closure of an institutional healthcare mandate.

Despite the Technology fund's outflows, Rochussen noted that performance had improved.

"Over the calendar year to 30 June, as global indices broadened out, this actively managed fund was 8.5% ahead of its benchmark," he said.

The £280m capital return was linked to a successful tender offer by the Global Financials Trust, which had now commenced its next five-year term with a net asset value of £360m, having grown from around £100m to £640m over the previous five years.

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

At 1203 BST, shares in Polar Capital Holdings were down 3.91% at 468.42p.

Reporting by Josh White for Sharecast.com.

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