Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Polar Capital shuts down UK equity team

Polar Capital shuts down UK equity team

Polar Capital is closing down its UK equity desk, which will spark a $293 million (£182.2 million) outflow.

In a third quarter trading update the investment boutique said it was closing down the UK business, fronted by Phillip Hardy, which includes the Polar Capital UK Absolute Return fund.  

The firm said it had no immediate plans to re-enter the UK equity market at a later stage.

'In the quarter just commenced the group's UK team will be leaving Polar Capital,' it said in a statement. 'It is not currently expected that a replacement UK team will be recruited. This will result in an outflow (at current market levels) of $293m of assets under management in the December quarter.

'Given the renewed uncertainly in markets over recent weeks we would expect the levels of net inflows to be less certain and possibly materially lower in the upcoming quarters notwithstanding the loss of the UK related assets. The group believes that despite this qualification it remains well positioned to grow both assets and profitability further over the longer term.'

Polar said its overall strategy continues to be based on the presence of ten to twelve world class investment teams.

The departure of the UK team leaves ten teams in place, which Polar said leaves further scope to add additional teams if opportunities arise.

Overall Polar Capital enjoyed a strong period. Over the six months to the end of September assets under management increased by 58% to $11.4 billion, which represents a rise of more than a 100% on the $5.3 billion it reported the previous year.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Brewin's Gutteridge & Foster talk property with Standard Life's Baggaley

Gutteridge and Foster discuss UK commercial property with Jason Baggaley, manager of the Standard Life Property Income investment trust

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Brewin's Gutteridge asks Odey's Tim Bond two tough questions

Gutteridge puts the heat on Odey's asset allocation maestro with a couple of tough questions.

Brewin's Foster & Gutteridge: searching for the yield of dreams

Brewin's Foster & Gutteridge: searching for the yield of dreams

Guy Foster and Ben Gutteridge discuss the latest upbeat US payroll report and how it has increased the probability of a first hike in interest rates in June.

Your Business: Cover Star Club

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Profile: Creechurch Capital’s CEO on going the extra mile in a crowded market

Growing a business is the main aim of many company owners but managing that growth in a controlled way is just as important

Wealth Manager on Twitter