Polar Capital profits rise

Fund manager Polar Capital Holdings posted a rise in first-half profit and increased its dividend after buoyant equity markets helped boost its assets under management.

Pre-tax profit rose 39% to £11.8m, as assets under management rose 14% to £10.6bn, supported by net fund inflows of £820m together with market uplift and fund performance of £510m.

The company declared an interim dividend of 6.0p per share, up from 5.5p a year earlier.

"The outlook for the company for the remainder of the financial year is encouraging with continued momentum in flows and fund performance in the months following the reporting period," chief executive Gavin Rochussen said.