Polar Capital (POLR) co-founder Brian Ashford-Russell has made a raft of share disposals in the wake of the asset manager’s June full-year results, which revealed a 21 per cent drop in its pre-tax profits. The asset manager has also ‘soft-closed’ its Global Technology fund, citing the fund’s performance as well as a period of steady inflows.
Polar Capital’s year-end figures were impacted by its performance fees, which slumped by nearly two-thirds to £8.8m over its most recent financial year, down from a record £24m level in 2019. Its Global Technology fund led the way on net inflows, taking in £316m. At the end of June and following the release of its results, the asset manager elected to temporarily close the fund as it edged towards £4.5bn in assets under management (AUM). The fund grew by 39.3 per cent in the 12 months to 29 May 2020, outperforming the Dow Jones Global Technology index which grew by 37 per cent. It had £4.2bn in AUM at this point.
The asset manager’s shares have staged a recovery since the spring sell-off and sit around three-quarters above their March nadir. Mr Ashford-Russell has capitalised and made four disposals between 24 June and 3 July, pocketing £2.7m altogether. A spokesperson said that the co-founder is “diversifying his portfolio and helping to improve Polar Capital's free float and liquidity”.
Mr Ashford-Russell also sold £1.2m in shares last year. He retains a 4.7 per cent stake in the business and is among the asset manager’s top ten shareholders.
Last month, broker Peel Hunt forecast full-year adjusted pre-tax profits and earnings per share of £37.9m and 27.8p respectively in 2021, rising to £48.1m and 36p in 2022.
| Buys | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| Metro Bank | Daniel Frumkin (ceo) | 2 Jul 20 | 500,000 | 114 | 570,509 | |
| Oxford Biomedica | Martin Diggle | 2 Jul 20 | 3,000 | 729 | 21,870 | Purchased by PCA |
| Crest Nicholson | Peter Truscott (ceo) | 2 Jul 20 | 90,000 | 201.73 | 181,559 | |
| Renew Holdings | Stephanie Hazell | 2 Jul 20 | 4,476 | 446.8 | 19,999 | |
| Contango Holdings | Oliver Stansfield | 3 Jul 20 | 309,301 | 4.5 | 13,919 | Residual interest of 2.5% |
| Maintel Holdings | John Booth | 3-6 Jul 20 | 8,777 | 181 | 15,886 | Average weighted price |
| Crest Nicholson | Duncan Cooper | 6 Jul 20 | 5,000 | 211 | 10,556 | Purchased by PCA |
| Sells | ||||||
| Company | Director/PDMR | Date | No. of shares | Price (p) | Aggregate value (£) | Comments |
| Volex | Daren Morris (cfo) | 2 Jul 20 | 139,210 | 148.2 | 206,309 | |
| Polar Capital Holdings | Brian Ashord-Russell | 3 Jul 20 | 106,544 | 498 | 530,589 | Residual interest of 4.7% |
| Gamma Communications | Andrew Stone | 3 Jul 20 | 80,551 | 1,435 | 1,155,907 | No longer holds shares in the company |
| Gamma Communications | Andrew Stone | 3 Jul 20 | 50,000 | 1,450 | 725,000 | |
| Maintel Holdings | Angus McCaffery | 3-6 Jul 20 | 166,745 | 181 | 301,809 | |
| Gamma Communications | Andrew Stone | 6 Jul 20 | 38,000 | 1,492.71 | 567,231 | |
| Gamma Communications | Andrew Stone | 7 Jul 20 | 12,000 | 1,487.50 | 178,500 |
