October 10, 2019 / 6:34 AM / 4 months ago

Polar assets rise despite heavy Japan outflows, performance fees slide

LONDON (Reuters) - Polar Capital (POLR.L) booked a 3% rise in assets under management to 14.3 billion pounds ($17.5 billion) in the half-year to Sept. 30 but saw total net performance fee profits drop to 4.2 million pounds, from 32.5 million pounds a year ago.

The company reported 0.9 million pounds of performance fees accrued but not yet earned, compared with 27 million pounds for the corresponding period last year.

Assets under management increased by 467 million pounds which comprised net outflows of 448 million pounds - almost entirely due to exits from its Japan Fund - offset by an increase of 915 million pounds related to market movements and fund performance.

“While accrued performance fees are materially less than the previous year, fees are volatile, and the position three months ago was more in line with last year,” Chief Executive Gavin Rochussen said in a statement on Thursday.

“There are still three months to the end of the calendar year when performance fees crystallize. We remain confident that our active fundamental fund strategies will continue to deliver above average returns over the long term for our clients.”

Polar said it had seen net inflows into the majority of its funds including global insurance, UK value, European income and Emerging market and Asia, despite economic and political uncertainty.

Reporting By Sinead Cruise, editing by Simon Jessop

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