- Specialist fund manager Polar Capital has reported its assets under management (AUM) climbed 34% from end of March to the end of September 2020 to £16.4 billion driven by net subscriptions and market movements and performance.

In its quarterly AUM update, the company said that over the six-month period AUM increased by £4.2 billion, which comprised net subscriptions of £907 million, offset by outflows from the previously reported closure of its UK Absolute Equity fund of £301 million, and an increase of £3,588 million related to market movement and fund performance.

Chief executive Gavin Rochussen said: 'It is pleasing to report another quarter of inflows with £419 million of net subscriptions across our fund range in the last three months and 70% of our AUM outperforming benchmark in the current calendar year.

'A combination of net inflows, market uplift and outperformance enabled our AUM to increase by 34% over the six-month period to £16.4 billion from £12.2 billion.'

Polar Capital reported that it expected total net performance fee profits of £14.2 million in the six months to 30 September 2020, with £0.5 million of these received and £13.7 million accrued but not yet earned in funds with year ends on or before the financial year end.

At 8:05am: [LON:POLR] Polar Capital Holdings PLC share price was +3p at 517p

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