Update: Polar sees outflows as it merges Japan funds

On the lookout for new teams

A restructure of its Japanese equity funds and a UK wealth manager taking profits from two of its flagship funds saw Polar Capital report net outflows in the six months to 30 September 2019, despite a 3.6% rise in its assets under management (AUM) to £14.3bn.

Polar closed its 17-year-old Japan fund and merged it with its newer Japan Value fund last month, after almost five years of "constantly underperforming and constant outflow", CEO Gavin Rochussen told Investment Week. It also reduced its Japan team and closed its Tokyo office, with Gerard Cawley and Chris Smith set to run the newly merged strategy. Polar Capital appoints CIO from JOHCM Rochussen explained the strategy had been "very successful" from inception in 2001 until around 2015, when it "peaked both in terms of performance and AUM". Since, "it's really been a challenge", wit...