Polar Assets Keep Rising, Firm Plans Expansion

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."


In Depth

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note