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Polar Capital triples its profits
Fund manager Polar Capital beat forecasts for full-year profit yesterday and said assets surged over the past two months as client inflows helped it through May’s choppy markets. Assets jumped 11 per cent to $4.3bn between the end of March and the end of May, as clients invested in its technology, Japan, insurance and healthcare funds on the back of strong performance last year, the firm said. Pre-tax profit for the year to March almost tripled to £9.2m as Polar’s assets continued to rebound after the financial crisis, beating analysts’ forecasts of up to £8.7m. The firm’s shares gained almost 11 per cent yesterday.