Polar Capital Holdings PLC reported an annual fall in assets under management for its financial year, on chunky redemptions and inflationary pressure hitting markets.

Assets were up on a quarter-on-quarter basis, however.

The London-based asset manager said assets under management decreased by 13% to £19.22 billion at March 31 from £22.12 billion at April 1, 2022, citing high inflation, rising interest rates and slowing economic growth.

On a quarterly basis, however, assets under management rose 4.1% from £18.47 billion.

It reported net redemptions of £1.56 billion over the course of the financial year. What’s more, market movements took a £873 million chunk out of assets under management.

Looking ahead, Chief Executive Gavin Rochussen said the company is ‘confident that with our diverse range of differentiated, active specialist fund strategies we are well-positioned to perform for our clients and shareholders over the long term.’

The firm aims to release its annual results on June 26.

Polar Capital shares were 3.0% higher at 475.00 pence each on Thursday morning in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.