Polar Capital’s assets under management rose by 71 per cent during the 12 months ended 31 March 2010, totalling USD2.5bn.

The recovery in AUM levels occurred during the second half of the financial year.

Polar’s core operating profit, excluding performance fees, was GBP0.02m at 31 March 2010, down from GBP1.3m the previous year.

Pre-tax profits were GBP3.1m, down from GBP12.1m in 2009.

The basic earnings per share were 3.1p at 31 March 2010, down from 12.1p in 2009.

Dividends for the year have been maintained at 4.5p per share.

Tim Woolley, chief executive, says: “Our strong reputation, increasing assets under management and our proven financial strength, will increasingly be seen as an attractive destination for talented fund managers who are frustrated by the increasing bureaucracy of the large organisations and who wish to branch out into a more rewarding and entrepreneurial environment.”