Polar's Woolley acknowledges 'challenging' six months

Polar Capital has reported a 'challenging' first half of its financial year after Japanese market movements weighed on the business.

In its interim results to the six months to 30 September 2014, Polar said pre-tax profit stood at £11.6m, up from £10.1m a year previous. Core operating profit, excluding performance fees, was up 34% year on year from £10.4m to £13.9m. As previously reported, the firm saw only a slight rise in assets under management over the period, up 1% from £8.4bn in March to £8.5bn, in part due to outflows from its Japan funds. During the period, the firm launched two new funds; a long only Healthcare Blue Chip UCITs fund and UK Absolute Equity fund in September. It also has since launched a l...