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Polar enjoys rise in profit and assets
StockMarketWire.com
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Polar Capital delivered a stellar performance in its interim six month results announcement, with assets under management growing from £12.2 billion at the end of March to £16.4 billion by the end of September 2020.
The company generated core operating profit excluding performance fees of £22 million for the period, up from £21.3 million at the same point in 2019.
Polar told investors that an interim dividend of 9p per share would be paid in January 2021, up a penny on last year's interim payment.
'Polar has demonstrated operational resilience since the initial lockdown in March 2020 and all aspects of the firm have operated effectively,' said Gavin Rochussen, chief executive officer at Polar Capital.
'The board, my executive team and I are very grateful for the commitment and dedication of all our colleagues in London and other parts of the world during this extraordinary time.'
The profile of the company's assets under management shifted slightly during the six month period. At the end of March, 91% of the company's £12.2 billion of assets were long-only with around 9% of that total in alternatives.
As at the end of September, the split of the assets under management was 95% long only and just 5% in alternatives.
The group's technology proposition, with £9.1 billion in assets, was by far the largest strategy within the company as at the end of September, followed by healthcare (£2.7 billion) and insurance (£1.3 billion).
'Given the market backdrop, the Polar fund strategies with a clear growth/quality style profile have performed well,' added Rochussen.
'There remains significant capacity in our strategies and we are well positioned to continue delivering above average returns for our clients and shareholders over the long term.'
At 9:50am: (LON:POLR) Polar Capital Holdings PLC share price was 0p at 604p
Story provided by StockMarketWire.com
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