The investment management company also saw its pre-tax profit double to £32.7m from £15.3m in 2013.
However, in its preliminary results, the company said that after 15 quarters of new inflows, the first quarter of the current financial year has proved more challenging, resulting in outflows of $300m.
The company’s most attractive product last year was the Polar Capital Japan UCITS Fund, which contained $5.6bn in assets under management, far more than its second largest product, the Technology Trust, which contained $1bn.
Chairman Tom Bartlem said the company has chosen to soft close the Japan UCITS fund in order to ensure long term investment performance was not compromised.
“This will inevitably limit our ultimate growth potential at an individual product level and within a team and strategy at some point,” he said. “Despite our rapid growth over recent years, the existing capacity levels with our current teams and current products do still provide ample opportunity for further expansion.”
Chief executive Tim Wooley added that the company is currently looking to extend its team.
“After an 18 month period of consolidation in terms of team numbers, we are now actively looking to make additions again,” he said.
Bartlett added that if the company added more teams or launched additional products this year then its opportunity set would “expand even further”.
'Globally diversified'
Based in London, Polar Capital Holdings is a specialist investment management company offering professional and institutional investors a range of geographical and sector funds.
In November last year it launched a global biotechnology fund for manager David Pinniger, who joined the previous August.
The UCITS structured Polar Capital Biotechnology Fund aims to achieve long-term capital growth by investing in a “globally diversified” portfolio of biotechnology companies.
