Polar Capital AUM bounce 53%

14th Jun 2011 08:06

Specialist investment management Polar Capital said full year pre-tax profit rose threefold while assets under management at 31 March 2011 surged 53%. AUM rose to US$3.87bn for the year ended 31 March 2011 from $2.53bn the year before. Pre-tax profit rose to £9.2m from £3.1m previously. Profit before share based payments and intangible asset amortisation/impairment climbed to £10.2m from £3.7m in 2010. Chief executive Tim Woolley commented, "We enter the current year with confidence. Our fund performance continues to be good and we have good momentum with inflows into a broader range of products. Our competitive position has further improved giving us greater financial strength to invest and support our plans for growth in the years ahead." The board has recommended a dividend of 7.5p per share for the year, up from 4.5p previously.Polar said it remains confident in its strategy for growth and in its ability to capitalize on the substantial opportunity it sees ahead.