Polar Capital FY10 Pretax Profit -74%; Assets Rise In 2H

23rd Jun 2010 07:29

LONDON (Dow Jones)--Asset management company Polar Capital Holdings PLC (POLR.LN) Wednesday posted a 74% decline in fiscal 2010 pretax profit, but recovered the loss recorded at the half-year point due to a significant recovery in assets under management during the second half. Polar said it was "encouraged" for fiscal 2011 by the rise in assets under management, but it expects the wider economic environment to remain challenging during much of the fiscal 2011. Polar said assets under management stood at $2.5 billion at the end of fiscal 2010 at March 31, a 33% increase from the half-year point and a 71% rise over the 12 months. Pretax profit fell to GBP3.1 million from GBP12.1 million a year earlier, which Polar attributed to the fall in assets under management in the previous fiscal year. Polar's assets under management at the start of the year totaled $1.48 billion compared with $3.14 billion a year earlier. As a result, net fees fell to GBP21.7 million from GBP51.9 million. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] Order free Annual Report for Polar Capital Holdings PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB00B1GCLT25 or call +44 (0)208 391 6028 (END) Dow Jones Newswires June 23, 2010 02:29 ET (06:29 GMT)