Polar Capital results: ‘Not our best year’ for performance

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Polar Capital has admitted it has not produced its best performance over the last year despite assets under management rising to £8.4bn in its nine-month results for the period ended 31 December.

AUM had been £7.3bn at the end of March.

The US election had triggered a “noticeable change in flows into our funds” the investment manager noted in its results. 

“December has continued in the same vein that November finished and it is pleasing to report that more than £100m of net inflows were received in the month into our products, giving a total net flow for the quarter of over £300m.”

For the nine-month period, however, Polar Capital saw £448m of net outflows.

Market movement and performance helped boost AUM by £1.6bn, but the results noted a disappointing year for investment performance.

Whilst this was not our best year in terms of overall investment performance, our medium and longer term performance numbers on our Ucits products remain extremely strong,” the results noted.

The investment management firm had no fourth quartile funds for the one-year period, but had six third quartile funds. Seven were first quartile and five were second quartile.

The investment manager says it has earned less in performance fees than the previous year’s results. It received £1.1m over the period compared to £3m for the nine-month period to the end of 2015.