Hardy had departed Polar, where he had run the UK Absolute Return fund, the previous month after it closed down its UK equity desk. Citywire data show that in the three years to the fund’s closure, it had lost 6.1%.
Hardy took with him to FOUR a £166 million UK equity mandate from SEI, the global multi-manager specialist.
‘Philip Hardy is a portfolio manager with unique skill and experience in overlaying bottom-up stock research with a well-crafted macro perspective,’ explained Jason Collins, head of the UK investment management unit at SEI, at the time.
‘His team’s long-term assessment of value combined with shorter-term technical, sentiment and macroeconomic variables offer the ability to produce competitive results in varying market environments.’
A spokesperson for FOUR told Wealth Manager that that mandate had now followed Hardy out of the firm.
FOUR was established in 2006, and is now part-owned by Sanlam. Its £122 million Active UK Equity fund has returned 14.7% over the past year, compared with an average of 13.6% from its UK All Companies sector.