Polar Capital calls bottom as assets start increasing
HEDGE fund Polar Capital yesterday went out on a limb, calling a bottom for the industry as it posted a rise in assets under management.
“It is encouraging to note that the anticipated drying up of redemption requests has materialised,” the firm said in a statement.
“There are now some positive signs that the industry in general and Polar Capital in particular is beginning to see a change in sentiment as investors start to reinvest into both hedge as well as long only strategies.”
Polar’s total assets under management increased 3.1 per cent between March and June, to $1.53bn (£900m) from $1.48bn.
The firm’s long-only funds were the star performers, rising 13.5 per cent from $746m to $847m.
In March, Polar managed over $3bn of assets, but then saw its assets halve as investors moved their money out of the hedge fund sector.