British investment manager Polar Capital has announced plans to open a new office in Paris in light of uncertainties posed by Britain’s exit from the European Union.

The office launch, which is subject to regulatory nod, aims to increase the firm’s client servicing presence in Europe.

Polar Capital said that the new office will manage “certain key functions” for the firm.

At the same time, the firm announced plans to build its Nordic presence, which it said forms a key part of its diversification plan.

The firm also hired BlackRock’s former managing director Peter Leane as the head of the Nordic region.

Polar Capital CEO Gavin Rochussen said: “It is comforting that the majority of our strategies have performed ahead of benchmark in the more volatile markets experienced in the first quarter of 2018.

“While there remains geopolitical tension and the finalisation of Brexit terms cast a shadow, we are well positioned as fundamental research-driven, active fund managers to find opportunities globally and to continue to deliver above average returns for our clients.”

The updates were unveiled alongside the firm’s results for the year ending 31 March 2018. Pre-tax profit for the year doubled to £41.3m from £20.4m last year.

The firm’s assets under management at the end of March 2018 totalled £12bn, compared to £9.3bn in the previous year.