Sunday, 23 October 2016
Last updated 1 day ago
Jan 7 2011 | 8:53am ET
Polar Capital is shuttering its £31 million global macro hedge fund.
The London-based firm's board decided to liquidate the Discovery Fund, managed by Paul Lambert, this week. The firm began selling off the fund's positions immediately and expects to return money to investors within four weeks.
Closing the four-year-old fund will lead to a £600,000 loss for Polar—which has £3.5 million invested in the fund—but the firm said it will meet its expected results for the fiscal year ending in March.