Monday, 1 September 2014
Last updated 2 days ago
Jun 23 2010 | 7:10pm ET
Polar Capital’s assets rose by two-thirds during the year-ended March 31, as the London-based hedge fund beat analysts’ profit forecasts. The firm also announced ambitious expansion plans, despite warning of a “challenging” year ahead.
Polar’s assets soared to US$2.5 billion from US$1.5 billion at the end of last March. The firm, which managed as much as US$4 billion at the end of 2007, saw its assets under management rise 15% during the first quarter, thanks to client inflows. Those inflows have kept its assets steady, despite performance losses of US$150 million in April and May.
The firm also managed to top profit expectations. Still, its £3.1 million in pre-tax earnings was 75% less than its profit a year ago.
Meanwhile, Polar CEO Tim Woolley said that the firm wants to double the number of strategies it manages over the next three years, and is looking for possible hires—or acquisitions. Woolley said the firm hopes to add one or two teams per year.
Polar currently has six strategies in its stable, and wants to increase that to between 10 and 12.
The big plans were tempered by the somewhat gloomy forecast the firm offered in its earnings statement.
"There remain substantial economic and political issues for the markets to deal with and further weakness in markets cannot be ruled out," it said. "We would expect the external environment to remain challenging during much of fiscal 2011."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...