Tuesday, 26 May 2015
Last updated 3 days ago
Dec 15 2011 | 1:15pm ET
Investors continue to shower Polar Capital with new money as the year draws to a close, but they are shying away from the London-based money manager’s hedge funds.
Polar said that its assets under management rose 9% in October and November to reach US$4.28 billion. The firm booked the increase despite a US$73 million net outflow from its hedge funds, which have taken a hit in 2011, during the second and third quarters. In particular, its U.K. hedge fund has performed poorly this year, losing 12%, although its European long/short funds are up.
“The hedge fund environment in regard to net flows has been pretty tough,” CEO Tim Woolley told Reuters. “We hope we’ve reached a nadir in terms of net outflows.”
Luckily for Polar, investors can’t get enough of its mutual funds, which saw 10 times as much in inflows as its hedge funds suffered in outflows. All told, Polar’s mutual funds took in US$706 million in net sales over the six months ended in September.
It all adds up to £4.8 million in adjusted profits for that period, more than double Polar’s profit from the year-earlier period.
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…