Polar Capital finally returned to net inflows in Q2 2020 having suffered three consecutive months of net outflows.
While net subscriptions were £488m the closure of the Polar UK Absolute Equity fund meant total net flows were £187m. The fund was wound down due to the poor health of the fund manager, Guy Rushton, who subsequently passed away.
Combined with market movements, net flows brought total assets under management to £15.2bn, up 25% from £12.2bn at the start of the quarter.
“We continue to function resiliently across the firm under remote working conditions and have begun a measured process of returning to the office,” said chief executive Gavin Rochussen (pictured).
In contrast, Premier Miton faced net outflows of £130m over the period ended 30 June 2020. Nevertheless, its AUM increased from £9.1bn to £10.3bn over the quarter.
“There was a slowdown in outflows across the multi-asset and fixed income products compared to the previous two quarters. Looking forward we continue to see growth opportunities across our range of both new and established funds,” said chief executive Mike O’Shea.
Several single strategy funds had enjoyed net inflows over the period, O’Shea said, singling out the LF Miton European Opportunities fund, which had £1.5bn AUM at the end of the reporting period.
O’Shea highlighted recent appointments to his fund manager line-up, including Lloyd Harris, who joins with his team from Merian having been shunned in the Jupiter deal. The asset manager plans to launch two fixed income products by the end of the calendar year.
Additionally, Aberdeen Standard Investments global smaller companies manager Alan Roswell will join Premier Miton in October.
Polar has also been hiring with its recent announcement that Naomi Waistell from Newton would be joining the emerging markets team.
