Polar Capital assets plunge 22%

16th Jan 2009 09:30

Assets under management tumbled 22% to $2.45bn at Polar Capital in the nine months to December, with redemptions set to hit $500m in the group’s final quarter. The firm also warned that the resignation of star fund manager Julian Barnett, announced Wednesday, will mean a further $400m of outflows as the Paragon Fund is wound up. But the group said: “Against this backdrop the group is fortunate that five of its hedge funds are in a strong position to attract assets, with four bucking the industry trend and making money in 2008.”“The group (is) in a strong position to attract assets, as and when the environment improves, into its range of long only and hedge products as it looks out into calendar year 2009.”