LONDON (Reuters) - The chief executive and co-founder of Polar Capital has cashed in 1 million pounds worth of his shares, profiting from a surge in the share price of the London-based fund manager on the back of recent client wins.
Tim Woolley, who was appointed chief executive in 2009 after his predecessor Mark Kary resigned, sold 500,000 shares on Wednesday at 200 pence each, the firm said in a statement.
Polar has been one of the few fund firms to attract clients to its products during the euro zone debt crisis, with inflows into its mutual funds more than offsetting outflows from its hedge funds, and its share price has risen 36 percent since the end of 2010.
In January the firm reported $193 million (122 million pounds) of net inflows over the three months to end-December, but added that it was cautious on the outlook for flows “given the ongoing uncertainty surrounding the European debt crisis”.
In contrast, Henderson, Aberdeen and F&C have all been hit by client withdrawals recently, although Jupiter posted net inflows of 700 million pounds last year.
After the share sale Woolley holds 6.5 million shares, accounting for 8.46 percent of the firm.
Polar declined to comment further.
Reporting by Laurence Fletcher; Editing by Greg Mahlich