Polar Capital has closed its European Market Neutral fund and its former manager Ton Tjia is to leave the firm.
The fund launched in March 2012 after Polar recruited Tjia from Ratio Asset Management the previous October.
It contained less than £30 million when it closed, having returned 3.7% in the year to the end of May. That was a top-quartile performance in the Citywire Alternative Ucits – Market Neutral sector for the period, when the average fund generated 1.4%.
Polar hired Tjia specifically to establish a European market-neutral franchise, and the manager brought with him his £10 million Ratio European Opportunities fund, which was converted into European Market Neutral.
Tjia’s investment career began in 1980 at Pierson Heldring & Pierson, where he ran a small-cap US equity fund. He joined Schroders six years later, where he remained for 11 years and became head of the European research team as well as a European equity fund manager.
After leaving Schroders, Tjia founded European equity specialist Olympus Capital Management, moving to Ratio in 2010 after a stint running a European market-neutral strategy at Millennium Partners.