In a brief update to its investors, Polar said that at the minute, it did not expect to recruit a replacement following the departure of Philip Hardy, who ran its UK Absolute Return fund.
“Our overall strategy continues to be based on the presence of 10 to 12 world class investment teams. The departure of the UK team will leave 10 teams in place leaving further scope to add additional teams should the opportunity arise,” Polar said, adding that it expected to suffer the outflow during the December quarter.