Polar Capital shuts Discovery fund

Polar Capital is closing its Discovery fund, a global macro hedge fund run by Paul Lambert.

The decision to wind up the hedge fund was made at a board meeting on 6 January and will be implemented immediately. Although the fund’s closure will crystallise a loss of about £600,000, the company maintains the deficit will be countered by other investments within the company. Polar Capital expects investors in the £31m fund to have their assets paid out within four weeks, while the group’s own £3.5m investment in the fund will also be returned in cash. The group says it remains confident it will meet expectations for the full year ending 31 March.