Polar Capital Holdings PLC on Thursday said that assets under management fell for the first half of fiscal 2023 driven by a market sell-off and lower funds performance.
The London-listed active investment management company said that assets under management as at Sept. 30 were of 18.77 billion pounds ($20.84 billion), down from GBP22.1 billion at the end of March. The fall was due to a combination of bearish market, fund closures and fund performance.
The company added that total net outflows for the quarter were of GBP529 million.
Despite the challenging backdrop, the company is pleased with the continuing progress in diversifying the business, Chief Executive Gavin Rochussen said, adding that the Smart funds managed by the sustainable thematic team have now collectively reached GBP150 million.
“The emerging market stars team have had success in the U.S. with the emerging market stars mutual fund raising its first GBP50 million,” Mr. Rochussen said.
Shares at 0748 GMT were up 6.0 pence, or 1.5%, at 410.0 pence.
