Polar Capital profits jump after bumper inflows

Investment boutique Polar Capital reported a growth in profits for the year after attracting over $1bn of net inflows, despite caution over the eurozone debt crisis.

The firm reported a 5% increase in pre-tax profits for the year to the end of March to £9.6m ($14.9m). Assets under management at the end of March were $5.08bn, up 31% on the previous year when AUM totalled $3.87bn. "The group has continued to make good progress in the face of challenging market conditions and encouragingly we saw net inflows of over $1bn during the year," said Tim Woolley, chief executive of Polar Capital (pictured). "We also continue to deliver on our strategy of diversifying our offering with the addition of three new teams and strategies, bringing us up to elev...