The leadership transition has been seamless and, while we cannot be complacent, I believe Polar Capital is well placed for the cycle ahead. Looking ahead, the macro environment is uncertain and likely to remain volatile, but our plan is clear: scale where we are strongest, apply targeted fixes where needed, diversify selectively, and leverage distribution – particularly in the US. The environment is unpredictable, but our focus is on converting gross demand into durable net flows and maintaining margin discipline.

We are positioned to scale through differentiation and deliver long-term value for clients and shareholders.