Friday July 4, 01:10 PM
Results Round Up
LONDON (ShareCast) - Polar Capital (LSE: POLR.L - news) 's assets under management have recovered over the past three months and
the fund manager remains upbeat over the prospects for this year despite the uncertain state of financial markets."The performance of the majority of Polar Capital's funds has been quite encouraging through this period with the performance of our long only funds being relatively strong and our hedge funds broadly preserving capital and performing well against the competitor universe," it said. Assets under management at the the 31 March year-end were down 8.8% at $3.1bn but recovered to $3.3bn at end June. Assets at end March were split 64% in hedge funds and 36% in long-only funds. The current skew to hedge funds will continue in the current environment, Polar said. Profits for the year to March rose 42.2% to £14.5m (March 2007: £10.2m). Excluding performance fees, profits were up by 110% to £6m. Revneue rose to £47.6m from £41.2m. Property developer O Twelve has cut its dividend to conserve cash as net assets per share tumbled last year. The East-London focused group, which is managed by Rugby Estates (LSE: RES.L - news) , reported a net loss of £34.1m for the year to March 2008 caused by reductions in the value of its portfolio put down to the weak UK property market and hedging losses. The property investment portfolio was worth £249.8m (31 March 2007: £236.6 million) at the year end including acquisitions. Properties held for a year fell by 11% in value to £214.1m.
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