Polar Capital closes UK equity desk

Polar Capital's UK equity team is being dissolved as manager Philip Hardy leaves the firm, the group said today.

In an update to the market, the boutique said the closure of the desk will result in an outflow of $293m in the December quarter. Although it will not recruit a direct replacement for the UK manager, there is scope for other teams to join if the opportunity arises, Polar said. Hardy manages the Polar Capital UK Absolute Return fund, which has fallen 6.7% over the three years to 16 October, but has delivered 7% over one year, according to FE. In its update, the group reported total AUM was 58% higher on 30 September 2013 than at 31 March at $11.4bn. It recorded Polar Capital a ...