Polar Capital saw net inflows in every quarter of the year ended 31 March, with total assets under management up 31% to $5.08 billion from $3.87 billion a year earlier. But its alternatives business saw net redemptions overall, despite four of its six hedge funds ending the 12-month period in positive territory.
The firm’s audited results for the 12-month period show a pre-tax profit of £9.6 million, up from £9.2 million in 2011. Polar made a core operating profit, excluding performance fees, of £7.1 million – 97% higher than the previous year’s £3.6 million.
Seven of Polar’s eight