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Polar Capital operating profits climb 21% despite lack of performance fees
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In its interim results for the six months to 30 September, the asset manager said the rise in average AUM drove a 15% increase in net management fees to £87.6m, up from £76.5m a year earlier. As pre-announced in October, there was no performance fee profit in the period. Core operating profit climbed 21% year-on-year to £27.3m. Meanwhile, pre-tax profit rose 9% to £23.1m, tempered by £6m in exceptional items, including a goodwill impairment linked to the Dalton Strategic Partnership acquisition. As reported in a trading update in October, AUM rose 4% to £22.7bn at the end of the repor...
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