Wednesday June 24, 07:33 AM
UPDATE 1-Hedge fund firm Polar Capital says assets $1.54 bln
LONDON, June 24 (Reuters) - Hedge fund firm Polar Capital said on Wednesday that its assets under management had fallen to $1.54 billion at end-May compared with $3.1 billion at end-March 2008.
The firm said pretax profit for the year to March 31 fell 17 percent to 12.1 million pounds.
'There are some encouraging signs that industry conditions have stabilized and are beginning to improve,' said chief executive Mark Kary in a statement.
(To read the Reuters Hedge Fund Blog click on http://blogs.reuters.com/hedgehub; for the Global Investing Blog click on http://blogs.reuters.com/globalinvesting/)
(Reporting by Laurence Fletcher) Keywords: POLAR/RESULTS
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