November 26, 2018 / 7:31 AM / 3 months ago

UPDATE 1-Polar Capital October outflows mar first-half profit jump

* H1 core profit up 81 pct to 21.7 mln stg

* H1 assets 14.7 bln stg to end-September

* October stock slide sees assets fall 7.5 pct (Adds detail from statement, CEO quote, bullet points)

By Simon Jessop

LONDON, Nov 26 (Reuters) - British asset manager Polar Capital said total assets fell 7.5 percent in October on the back of a broad stock market selloff, taking the shine off a jump in half-year profit.

Polar, like many fund managers, was hit hard by a tech-led slide in equity values as a gradual tightening in central bank monetary policy and rising interest rates in the United States crimped investor demand.

The MSCI World index, a broad gauge of global stocks, fell 7.4 percent in October.

Assets rose to 14.7 billion pounds from 12 billion pounds in the six months to end-September, helping Polar post an 81 percent year-on-year jump in core profit and interim dividend of 8 pence, but had fallen to 13.6 billion by the end of October.

“While we have had a highly satisfactory first six months, there is no doubt that we will encounter more volatile markets and a reduction in risk appetite by investors,” Polar Chief Executive Gavin Rochussen said. (Reporting by Simon Jessop. Editing by Ben Martin.)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below