Robust investor demand for Polar Capital’s emerging markets and Asia strategies helped drive a surge in its operating profits in the six months to 30 September, despite a lack of performance fees earned during the period.
In its interim results published today (18 November), the asset manager said the rise in average AUM drove a 15% increase in net management fees to £87.6m, up from £76.5m a year earlier. Core operating profit climbed 21% year-on-year to £27.3m. Meanwhile, pre-tax profit rose 9% to £23.1m, tempered by £6m in exceptional items, including a goodwill impairment linked to the Dalton Strategic Partnership acquisition. As reported in a trading update in October, AUM rose 4% to £22.7bn at the end of the reporting period, compared to the same six-month period last year. This comprised net inf...
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