FTSE-listed fund manager Polar Capital suffered a 20.7% decline in profits during the financial year ended 31 March, thanks to a slump in performance fees after its funds lost ground against markets and rivals.

Polar, which manages £14.4bn, said it made £50.8m in pre-tax profits for the 2020 financial year, down from £64.1m. That was almost entirely due to the drop in performance fees to £8.8m, from £24m in 2019.