Polar Capital has reported a 20.6 per cent increase in assets under management to $3.05 billion in the six month period from 31 March 2010 to 30 September 2010, whilst also announcing the formation of a new global convertibles team. 

The firm has attributed its growth to positive net fund flows in excess of $280 million and the recent acquisition of HIM Capital.

The firm has taken in performance fees of £0.5 million so far this year with £2.4 million accrued but not yet earned in funds with year ends on or before the close of the financial year.

The company has also formed a global convertibles team, hiring David Keetley, Steve McCormick and Kendrick Li - all of whom join from Vicis Capital.

It is anticipated that the team will launch the Polar Capital ALVA Global Convertibles hedge fund on the 1 November 2010, investing in liquid, global convertible securities. The team will look to hold over 50 global convertible positions, with a focus on geographic and sector diversification at the outset, the firm said.