Losses totalling £2.4bn drive Polar Capital AUM down 14% in Q2

Over the last quarter, the group's AUM fell to £18.9bn, compared to £22.1bn at the end of March 2022. The decline was driven mainly by fund performance, but also by net outflows of  £316m and fund closures of £459m.  The bear market sell-off was the biggest contributor to performance, the firm said. Open-ended funds took the biggest hit, with losses of £1.6bn. Investment trusts lost £652m, while segregated mandates dropped £76m. "During the quarter, the rate of net outflows from open-ended funds slowed down compared to the previous quarter, resulting in total net outflows of £316m, dr...