Polar Profit Soars As Firm Seeks To Boost Hedge Funds

Jun 15 2011 | 2:31am ET

A rebounding Polar Capital—which saw its annual profit almost triple—is pledging to rebuild its hard-hit hedge fund business.

The London-based firm's hedge funds remain a sore spot, continuing to lose assets even as Polar saw an 11% jump in total firm assets over the past two months to US$4.3 billion. What's more, while its long-only funds—which now account for more than 85% of the firm's assets—are raking in performance fees, its flagship U.K. hedge fund is down 7.38%.

But Polar isn't abandoning hedge funds. CEO Tim Woolley said that the firm would boost its hedge fund range.

"We would like to add something on the hedge fund side over the next 12 months," he said. "We are not focused on a particular sector yet; we are more focused on finding differentiated talent."

Woolley spoke after Polar announced that its pre-tax profit for the year ended March 31 jumped from £3.1 million to £9.2 million. The firm was buoyed by a doubling of performance fee income to £5.7 million.

Polar added that it had earned another £1.5 million in fee income between the end of March and the end of May.


In Depth

Fitch Says Alternative Asset Managers 'Stable' Despite Dry Powder

Nov 20 2014 | 9:30am ET

Ratings agency Fitch says the outlook for seven publicly traded alternative asset...

Lifestyle

Cohen Buys $101 Million Sculpture

Nov 12 2014 | 9:17am ET

Steven Cohen was the sole bidder for a rare Alberto Giacometti sculpture at Sotheby...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.