Polar Capital Japanese assets almost halve to £1.1bn


Polar Capital has seen its Japanese assets under management almost halve in the year to the end of September, making technology the largest asset base for the company.

Interim results for the asset manager show total assets under management currently sit at £7.7bn.

The results also reveal that the UK Value fund, to be managed by Georgina Hamilton and George Godber, will launch in January. The pair use to run the £869m Miton UK Value Opportunity fund before their resignation in April.

The asset manager’s Japan funds have seen assets fall from £2bn to £1.1bn over the period, a fall of 46.2 per cent. In May, the Polar Capital Japan fund, run by James Salter and Gerard Cawley, was downgraded by Morningstar due to underperformance.

In contrast, the Global Technology fund has risen 44.3 per cent from £1.2bn to £1.8bn.

Over a six-month period total assets under management at the group have risen from £7.3bn to £7.7bn, despite net outflows of £763m. A performance boost of £1.1bn drove the improvement.

Weak sterling in the aftermath of June’s Brexit vote means AUM fell in US dollar terms from $10.4bn to $9.9bn.

However, assets are still £600m lower than September 2015.

North America funds have also overtaken Japan to become its largest strategy and have seen assets grow 29.3 per cent over the year from £1.2bn to £1.5bn.

European Income funds have risen 86.2 per cent from a low base of £29m a year ago to £53m at the end of September.

The results reveal that Godber will join the firm in April, three months after the UK Value fund launch. It will be a Dublin-domiciled Ucits fund with a capacity of £1.2bn.