Tuesday, 5 May 2015
Last updated 1 hour ago
Jan 14 2011 | 11:09am ET
Last year was anything but chilly for Polar Capital. In fact, things are positively frothy at the London-based hedge fund—no thanks to those hedge funds.
The firm said assets under management rose 40% in the last nine months of 2010 to US$3.5 billion. Polar credited nearly US$600 million in net inflows to its long-only funds and the acquisition of long-only manager HIM Capital and its US$249 million in assets for the growth, as well as currency movements, which chipped in a further US$277 million.
In fact, Polar's hedge funds were something of an albatross, with outflows of US$122 million. Just last week, the firm said it would shutter its global macro Discovery fund.
The asset growth and strong performance pushed Polar's performance fees up 143% to £5.6 million.
"The group remains confident that its strategy of growing its established funds to capacity and expanding its product range through both hiring and acquiring new teams will continue to drive future AUM growth," Polar said.
The firm's fiscal year ends in March. In the fiscal year ended last March, Polar posted £3.1 million in pre-tax earnings as assets under management rose by two-thirds to US$2.5 billion.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…