PBT tripled in H1 to £4.5m, driven by a 46% increase in AUM to $3.8bn. Polar has no direct exposure to any credit related or quantitative investment strategies. Following the IPO in February 2007, Polar is delivering a diversified growth strategy rebalanced towards hedge fund business: 57% of assets at 30 September 2007. It already has nine business units giving it more than $5bn of spare capacity. For such a fast growing business the share rating appears undemanding despite the market risks.

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