Polar Capital Holdings PLC (AIM:POLR) shares rose 4.5% after the asset manager reported core profits ahead of estimates and maintained its dividend, while CEO Gavin Rochussen announced his retirement after eight years at the helm.
Rochussen will depart in September, with Iain Evans, Polar's global head of distribution, appointed as CEO designate.
Evans joined Polar in 2004, having been an associate director at Henderson Global Investors, where he worked with Tim Woolley and Brian Ashford-Russell, Polar Capital’s co-founders.
Chair David Lamb said Rochussen had brought "considerable success" to Polar Capital, helping to grow AuM from £9.3 billion to £21.4 billion since he started in 2017, with the adjusted EPS increasing 162%.
In the past year, assets under management decreased 2% over the year, from £21.9 billion to £21.4 billion, with performance fees profits totalling £7.9 million down from £9.6 million, profit before tax declined to £51.6 million from £54.7 million, primarily due to the recognition of a £13.6 million impairment charge relating to goodwill and intangible assets.
The dividend was held flat at 46p, as anticipated.
Since the period end, AUM has recovered to £22.6 billion as of 30 June, despite £0.6 billion of further outflows from open-ended funds and segregated mandates.
On Evans being selected as the new CEO, Lamb said he "has been with Polar since the early days, leading our distribution and marketing teams, and successfully helping to build out our client base beyond the UK."
Evans said: "My priority will be to build on our strengths, sharpen our focus, and ensure we are well positioned to deliver the next phase of growth, while preserving what makes Polar Capital distinctive as a specialist active manager."
Analysts at Peel Hunt say core operating profits were ahead of expectations, and AUM "has begun to recover since the period end", with the balance sheet strong too.