Polar Capital, the specialist active asset management group, and the Board of Polar Capital Global Financials Trust Plc (PCFT) has announced the results of its most recent C share issue.
PCFT targeted a capital raise of £100m, but demand saw that target surpassed to raise £122m, supported by both existing shareholders and new investors.
With high demand from existing and new investors, the Trust has now issued over £200m of shares since 30 November 2020.
Nick Brind, co-manager of the Polar Capital Global Financials Trust said, “Global financials is one of the largest, most diverse sectors but for more than a decade it has been ignored by investors, overshadowed by the financial crisis and impacted by the global pandemic.”
Brind continued, “But as the economies across the world recover and rapid technological developments and regulatory change transform the sector, investors are seeing this as a long-term value opportunity.”
Robert Kyprianou, Chairman, Polar Capital Global Financials Trust, said, “I am very pleased to see the breadth of support from so many firms and individuals, the level of that support and the capital raise has exceeded its target.”
Kyprianou continued, “The Board and the Investment Manager feel strongly that this is a sector of considerable attraction at this point of the investment cycle as well as a beneficiary of potentially higher bond yields.”
“We are all very grateful for the further backing of the Company and optimistic about the prospects for Shareholders.”
