Rushton joined this August from LGIM where he had been running $440m across both long/short and long-only funds, with a focus on UK and European equities.
The new fund is the Polar Capital’s 15th UCITS offering. The aim is to produce positive absolute returns over rolling 12 month periods by investing predominantly in UK equities and to a lesser degree European and global equities.
Rushton’s approach will be fundamentals driven and the portfolio will have an all-cap bias. It will not have benchmark or tracking error constraints.
Sterling, US Dollar and Euro share classes will be available. The retail class will have 1.5% AMC and the institutional class with 1% AMC. Subject to a high water mark, a performance fee will also apply.
“Following a period of strong returns in developed equity markets, we are seeing growing interest from our investors for lower volatility, less directional strategies, global head of distribution Iain Evans said.
“We are launching our new UK Absolute Equity Fund in direct response to this demand and the fund manager will be wholly focused on delivering positive absolute returns, on a rolling 12 month basis, irrespective of overall market direction,” Evans added.
