13 Oct 2011
Hedge fund assets under management by Polar Capital Holdings fell by 16% to $644 million during the six months to Sep 30, though inflows into long only funds helped total AUM rise 2% to $3.94 billion.
Nearly 10% of the hedge fund assets Polar held were redeemed during the half with investors removing $73 million. Performance and currency movements had an additional negative impact of $54 million.
Total net performance fees rose 7% to $3.1 million from the same period in 2010. But only $0.5 million has been received with the remaining $2.6 million accrued but not yet earned in funds with year ends on or before the financial year end. For the full year to March 31, 2011 Polar generated $5.7 million in performance fees.
Nearly 10% of the hedge fund assets Polar held were redeemed during the half with investors removing $73 million. Performance and currency movements had an additional negative impact of $54 million.
“In spite of the turbulent market conditions we are pleased to report an increase in overall AUM for the six months to the end of September 2011,” the company said. “We are also pleased to report net inflows for the six month period of $633m, with $160m being received in the latest quarter. Given the ongoing uncertainty surrounding the European debt crisis, we remain cautious on the outlook for net inflows over the coming quarters.”
Total net performance fees rose 7% to $3.1 million from the same period in 2010. But only $0.5 million has been received with the remaining $2.6 million accrued but not yet earned in funds with year ends on or before the financial year end. For the full year to March 31, 2011 Polar generated $5.7 million in performance fees.
