Polar Capital breaks inflow winning streak in June quarter
LONDON, July 10
LONDON, July 10 (Reuters) - Polar Capital said on Thursday $256 million had been pulled from its funds in the June quarter, the first outflows in 15 consecutive quarters of inflows.
Assets under management during the period rose to more than $13.6 billion from $13.2 billion, however, boosted by a strong performance of its investment portfolio, it said in a statement.
"We have already signalled, in our preliminary announcement, the fact that after 15 continuous quarters of net inflows that this quarter was likely to see a net outflow of funds," the company statement said.
"Despite this short term pause in the Group's asset gathering achievements we continue to believe that, market conditions allowing, the Group is well positioned to continue to grow its assets and profits." (Reporting by Simon Jessop; editing by Nishant Kumar)