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 JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter