Trading Statement

Polar Capital Holdings PLC
19 March 2008

19 March 2008

                           Polar Capital Holdings plc

                                 Trading Update

Trading Update

Polar Capital Holdings plc ('Polar Capital' or the 'Group'), the specialist
asset management group, today provides a trading update in respect of current
trading in advance of the Group's year end of 31 March 2008.

Group Assets Under Management ('AUM') (unaudited)

Group AUM as at 29 February 2008 were down 5.8% since 31 March 2007 (US$3.4bn)
to US$3.2bn and have fallen 11.1% since 31 December 2007 (US$3.6bn).

The 29 February 2008 AUM figure excludes $194m of assets held by the 3 funds
that have been closed as commented on below.

Profit for the year ended 31 March 2008 (unaudited)

As at 31 December 2007 the Group had received £15.9m of gross performance fees.
In addition there existed at that time accrued but not yet earned £6.8m of gross
performance fees in funds with year ends on 31 March 2008.  Since then the value
of these accrued performance fees has fallen to approximately £5m as at 17 March
2008.  This development together with lower than anticipated management fees in
the final quarter of the year lead us to anticipate that the diluted earnings
per share will be modestly below our original expectations.

Commenting on today's trading update, Mark Kary, Chief Executive of Polar
Capital said:

'The last half year has been a challenging period for equity investors and one
which has greatly increased the dispersion of returns in both conventional long
only and hedge funds.  We have continued to feel the impact of investor's
disenchantment with the Japanese equity market which has led to continuing
redemptions in both our Japanese long only fund and our underperforming Japanese
hedge fund whilst within the long only area poor performance on our Asian fund
led us to close that product.  On the hedge fund side we have taken the
opportunity to rationalize our fund range through the closure of the modest
sized Asian technology and Asian absolute return funds both of which had
delivered unsatisfactory returns.  These decisions will allow us to devote
greater resource to our remaining funds many of which have delivered strong
returns through these very turbulent markets.

While we are disappointed that our new financial year will be starting from a
lower base level of assets than we anticipated we believe that, once markets
stabilize and volatility diminishes, we are well placed to grow assets.  We have
been encouraged by the start made by our latest fund addition, Healthcare, and
believe that the performance produced by our Paragon, Forager, Elbrus, Discovery
and Latin America funds positions them well for current and future marketing.'


For further information please contact:

Polar Capital                                        [phone]
Mark Kary
John Mansell

Landsbanki
Simon Bridges                                        [phone]
Claes Spang                                          [phone]

Financial Dynamics
Ed Gascoigne-Pees                                    [phone]
Felicity Murdoch                                     [phone]



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