Polar Capital shares surge 16% as strong market gains offset £1.6bn outflows

Outflows reverse in first quarter of 2024

Polar Capital’s shares have surged more than 16% since markets opened today (11 April), after the asset manager reported a double-digit rise in assets under management driven by significant performance gains.

In a trading update today, the firm said AUM grew 14% in the year to 31 March 2024, up to £21.9bn from £19.2bn at the end of March 2023. Net outflows of £1.6bn, alongside fund closures worth £50m, were offset by strong market movements and performance of £4.3bn.  The bulk of outflows during the year came from open-ended funds at £1.2bn, as investment trusts and segregated mandates shed £154m and £235m, respectively.  Polar Capital suffers £581m outflows as profits slump In the first quarter of this year, however, investors poured a net £56m into the asset manager's funds, while ...