LONDON (ShareCast) - Investment management company Polar Capital Holdings said its annual pre-tax profit was hit by large redemptions from its main Japanese fund.
The London-listed group said pre-tax profit in the year to 31 March fell 5.2% year-on-year to $31.1m, while core operating profit, excluding performance fees, rose 13% to $27.7m.

Assets under management declined 6.8% to $12.3bn, the first time the group has reported a decline in the figure since the financial crisis of 2007.

"We experienced inflows into a wide range of funds but we saw significant redemptions from our main Japan fund having had remarkable and unprecedented inflows in the previous year," said group chief executive Tim Woolley.

"We are though far from downbeat as the company enters the new fiscal year and the opportunity ahead of us remains exciting and significant."

Polar Capital shares were down 3.51% to 430.85p at 10:53 on Monday.

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