Polar Capital CEO Mark Kary has resigned, handing over the reins of the hedge fund to co-founder Tim Woolley.

Kary spent four years at the London-based hedge fund after a stint at Morgan Stanley. Polar said Kary would remain at the firm until the end of the year to assist with the handover. The hedge fund described the split as amicable and said Kary would pursue other opportunities.

Woolley stopped managing money 18 months ago, but remained at the firm as an executive director.

Polar has some £28 million in cash to fund growth and acquisitions, and said its assets under management have surged 28% in the six months ended September 30.