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
Play Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Play Carmignac's Crowl: what QE could mean for Europe

Carmignac's Crowl: what QE could mean for Europe

The ECB is widely expected to finally fire its QE gun this week. Carmignac's Sandra Crowl discusses the implications for the eurozone.

Play Grexit worries, currency wars and a grizzly outlook for 2015?

Grexit worries, currency wars and a grizzly outlook for 2015?

The first Investment Pulse of the year looks at the potential impact of Greece leaving the euro, volatility in currency markets and the UK’s economic prospects.

Your Business: Cover Star Club

Profile: DIY investing is biggest threat to industry, says Whitechurch

Profile: DIY investing is biggest threat to industry, says Whitechurch

The industry is at risk of pushing potential investors down the DIY route unless it does more to make its services accessible says the Whitechurch Securities boss

Wealth Manager on Twitter