Polar Capital profits sink as AUM falls 13%

Core operating profits down 31%

Elliot Gulliver-Needham
clock • 1 min read

Polar Capital’s profits before tax fell 27% over the last year as the firm struggled to maintain its assets under management, according to its annual results.

In the annual results to 31 March 2023, it revealed that AUM had fallen 13% to £19.2bn, while core operating profits for the firm dropped by 31%. Despite the drop in profits, the firm's dividend for the year was maintained at 2022 levels at 46p per share. Gavin Rochussen, CEO of Polar, argued that the decline in AUM was "considered modest relative to industry wide outflows". Polar Capital appoints emerging markets and Asia fund manager He noted the firm's Emerging Market Stars range had net inflows in the year of £236m, while its Sustainable Thematic Equities strategy had in...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Companies

Tom Carroll (pictured), took over as CEO of Rathbones' funds business from Mike Webb, who is set to retire at the end of this year after 14 years in the position.

Rathbones Unit Trust Management rebrands to Rathbones Asset Management

'Better fit' for the business

Valeria Martinez
clock 30 November 2023 • 1 min read
A £10-15m one-off restructuring charge is expected in 2023, which is lower than previously anticipated, the firm added.

Metro Bank to axe 20% of staff as part of cost-cutting drive

£50m per year in savings

Elliot Gulliver-Needham
clock 30 November 2023 • 2 min read
The move has been made in anticipation of the end of the Temporary Permissions Regime for UK branches of European Economic Area-regulated firms.

Allfunds receives UK regulatory authorisation

Third Country Branch

James Baxter-Derrington
clock 30 November 2023 • 1 min read
Trustpilot