Polar Capital assets up

LONDON (Reuters) - Hedge fund firm Polar Capital said its assets under management rose 27 percent over the first half and that it is cautiously optimistic for the second half and 2010.

Assets under management at the end September were $1.9 billion, up from $1.5 billion at the end of March, but down from $2.9 billion at the end of September 2008.

Its assets under management at the end of November were $2.0 billion.

"Equity markets have indeed recovered over the last six months, even more strongly than we had expected," said Chief Executive Tim Woolley.

"This has benefited our long only funds and the overall improvement in markets has also enhanced the outlook for many of our clients and this has resulted in a significant improvement in fund flows over recent months."

(Reporting by Julie Crust; editing by Rhys Jones)