- Active asset management group Polar Capital Holdings has reported assets under management (AUM) increased 3% to £14.3bn as at 30 September 2019, up from £13.8bn at the end of March, despite net outflows.

During the period, AuM increased by £467m which comprised net outflows of £448m offset by an increase of £915m related to market movement and fund performance.

In the six months to 30 September, Polar Capital accrued performance fees were £0.9m, compared to £27m in the same period a year earlier. It confirmed the figures are reduced by £2m of net performance fee distributions that relate to prior accounting periods that IFRS require to be deducted from this year's receipts.

Gavin Rochussen, chief executive of Polar Capital, said: 'The last quarter has been a challenging period with net outflows of £598m following the £150m of net inflows in the previous quarter.'

He added: 'Net outflows in the six months from the Japan Fund following the communication of the manager departure and fund merger have been £400m. As at 30 September, the Japanese equities team was managing £314m. 'In the six months, two long-standing clients redeemed in excess of £500m from two of our highly rated funds, the Polar Capital Technology Fund and the Polar Capital Healthcare Opportunities Fund to take profits and reduce risk in their underlying client portfolios.'

At 8:42am: [LON:POLR] Polar Capital Holdings PLC share price was -2p at 530p

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