Polar Capital has reported a 71% jump in assets under management (AUM) over the last year, according to its annual results.
AUM was up at £20.9bn during the year ended 31 March 2021, compared to £12.2bn the year before and pre-tax profit was up 49% at £75.9m, compared to £50.8m in 2020.
Average AUM for the year was boosted by net inflows of £2.1bn and acquisitions of £1.7bn.
At 31 March 2021, the firm held £10.2bn in technology funds, accounting for 49% of assets, compared to £5.1bn in 2020. The second biggest strategy was healthcare, comprising £2.9bn and 14% of AUM.
Polar Capital chief executive Gavin Rochussen (pictured) said: “The past year has been a challenging period for all, and I am exceptionally proud of what Polar Capital has achieved. Driven by the ongoing support of our clients and the hard work and resilience of my colleagues, AUM saw the highest single year of growth, rising by 71% to £20.9bn.”
Eleven of the firm’s Ucits sub funds experienced positive net inflows over the year, with the largest inflows recorded by Biotechnology, at £379m, and Global Technology at £1.7bn.
Strategies run by Polar Capital’s healthcare team outperformed with the Biotech fund’s absolute performance up 64% and relative return terms up 24%.
The small and mid cap Polar Capital Healthcare Discovery fund rose by 74% over the year, outperforming the broader small and midcap market by 6%, according to Morningstar.
The company also added £1.7bn in acquisitions with the addition of First Pacific Advisor’s International Value and World Value equity team in October 2020, and new joint venture Phaeacian Partners.
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Unaudited net inflows in the quarter ending 25 June 2021 were up at £517m and unaudited AUM was at £22.7bn.
A second interim dividend increased by 24% to 31.0p per share, resulting in a 40p per share dividend for the year, a 21% increase.
Earlier this year, the company experienced a bounce back from Covid-induced lows, as the manager reported assets under management had jumped 10% for the quarter to 31 March and 71% from £12.2bn a year before.
