Polar Capital shed more than a tenth of its assets under management during what its chief executive called a "challenging" six months as investors pulled more money from the London-listed fund manager's flagship Japan strategy and global equity markets declined.

Assets under management dropped 11% to $10.9 billion at September 30 from $12.3 billion at the end of March, according to Polar Capital's half-yearly results published on December 11. Assets fell by 18.6% over a 12-month period.