Polar Capital Holdings said it terminated four underperforming funds in the last quarter of 2017 and achieved a “satisfactory” business performance.
The asset manager closed the Global Alpha Strategy Fund, International Alpha Strategy Fund, the European Conviction Fund and Emerging Markets Growth Fund.
The UK firm said the fourth quarter (Q4) net inflows of £597 million were “pleasing” despite the closures.
Assets under management (AuM) reached £11.7 billion at the end of December, following an increase of £1.1 billion in Q4. Of this, £507 million was due to market movements.
Since the end of Q1, assets have increased by £2.4 billion.
Profits from performance fees after staff deductions were up significantly, standing at £15 million for the nine months ending December 2017, up from £1.2 million in the same period the year before, according to the unaudited accounts.
The company said its investment teams were well placed in terms of performance and fund flows to grow the business further in 2018.
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