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Polar Capital announces successful completion of GBP89m fundraising for the Polar Capital Global Healthcare Growth and Income Trust

Tuesday, June 15, 2010
Opalesque Industry Update - Polar Capital Holdings plc (“Polar Capital”), the specialist asset management group, announced today that is has successfully completed a fundraising for a new investment trust, the Polar Capital Global Healthcare Growth & Income Trust plc (“PCGH”). The fundraising raised £89 million before expenses and it is intended that the ordinary shares of PCGH will be admitted to trading on the London Stock Exchange plc on Tuesday 15 June 2010.

Tim Woolley, CEO, Polar Capital, said: “I am delighted with the success of this fundraising which has been carried out in the face of very challenging market conditions and gives Polar Capital a second investment trust to manage. This adds further momentum to our continued growth in AUM and diversification of the business. We will continue to look to develop our business through additional product launches, bringing in additional teams and enhancing our distribution and client service capability.”

John Regnier-Wilson, Head of Sales of Closed Ended Funds, commented: “The success of this fundraising is a great testament to the investment case for Healthcare and structure of the trust. Healthcare is currently trading at near 30 year lows in terms of relative valuations. We are delighted to see that over 90% of the support for this fundraising for PCGH came from private client wealth managers.”
Corporate website: Source

See our January Opalesque Exclusive: Polar Capital expands sales team to support growth of UK business Source


PD

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