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Polar Capital co-founder sells £1.2m

Like its peers, the asset manager has suffered in recent market volatility
January 24, 2019

The correction in global equity markets has made trading tougher for asset managers such as Polar Capital (POLR) in recent months. In January, the company revealed a £286m net outflow during its third quarter – the same day non-executive director and co-founder Brian Ashford-Russell sold shares in the group worth £1.2m.

IC TIP: Buy at 494p

Together with £1.8bn in market and performance losses, lost business pushed down assets under management by more than a fifth on the prior quarter. However, assets over the nine-month period were up 5 per cent, with net inflows of £524m providing the lion’s share of the uplift. The asset manager also held on to most of the performance fees accrued during the first half, which stood at £23.6m at the end of December, up from £15m in the previous year.

Buys       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Aberdeen Diversified Income and Growth Trust Julian Sinclair15 Jan 1940,00011546,000169,7140.052
ADVFN Clement Chambers (ceo)11 Jan 195,00027.9991,400523,1982.042
Alliance Trust Christopher Samuel11 Jan 1989715.747563740,4820.012
Biffa Richard Pike  (cfo)11 Jan 192,4581914,695327,4580.131
BlackRock Throgmorton TrustSimon Beart10 Jan 19159465.5574054,7480.075
Cohort Andrew Thomis (ceo)16 Jan 19425386.81,644142,4500.350
DekelOil Public Lincoln Moore10 Jan 19103,0000.3453554,575,2041.299
DekelOil Public Yehoshua Kol (cfo)10 Jan 19279,4000.3651,02027,581,8617.830
DekelOil Public Lincoln Moore10 Jan 19100,0003.33,3004,675,2041.327
DekelOil Public Lincoln Moore10 Jan 1982,0003.62,9524,472,2041.270
Futura Medical*John Clarke (ch)11 Jan 1957,25025.114,370256,2260.125
Futura Medical*Jonathan Freeman 11 Jan 1919,57825.14,91490,6210.044
Good Energy  John Maltby (ch)14 Jan 1915,000107.516,125195,7031.181
hVIVO*James Winschel 10 Jan 1914,11528.344,00093,6730.116
Jupiter European Opportunities Trust Andrew Sutch (ch)11 Jan 19817.43369,5580.008
Manchester & London Investment Trust Brett Miller 10 Jan 191,0004384,3801,0000.004
Manchester & London Investment Trust Daniel Wright 10 Jan 191,000441.864,4191,0000.004
NAHL  Russell Atkinson (ceo)14 Jan 1916,53589.814,848531,8661.152
NAHL  James Saralis (cfo)14 Jan 1916,6669014,99916,6660.036
Pantheon International Susannah Nicklin10 Jan 191391981.52,7541,1060.002
Phoenix Global Resources Michael Rake (ch)11 Jan 19201,99724.549,489330,0000.012
Restore♥Charles Skinner (ceo)14 Jan 1915,50033551,9251,554,0601.254
Restore♥Charles Skinner (ceo)14 Jan 1939,000338131,8201,593,0601.285
The Property Franchise  David Raggett (cfo)11 Jan 1910,00011511,500222,4000.861
U and I  Richard Upton16 Jan 191,9152053,9263,282,0202.617
Value and Income Trust Matthew Oakeshott14 Jan 1975,000263197,2509,251,00020.310
Value and Income Trust♥Matthew Oakeshott14 Jan 1975,000263197,2509,326,00020.474
Zegona Communications*Eamonn O'Hare (ch)14 Jan 19666,666105699,9991,365,5191.082
Zegona Communications*♥Mark Watts14 Jan 199,523,81010510,000,00132,538,22525.779
Zegona Communications*Robert Samuelson14 Jan 19142,857105150,000514,9960.408
Zegona Communications*Howard Kalika14 Jan 19142,858105150,001177,0340.140
Zegona Communications*Murray Scott14 Jan 1934,00010535,70032,1470.025
Sells       
CompanyDirectorDateNo of sharesPrice (p)Value (£)Holding (shares)Holding (%)
Cohort Andrew Thomis (ceo)16 Jan 194373801,661142,0250.347
Hilton Food  Robert Watson (ch)10 Jan 1950,000950475,0002,882,1573.532
Polar Capital  Brian Ashford-Russell10 Jan 19250,0004851,212,5005,200,0005.520
* placing/tender/open offer ♥ spouse/connected party