EquitiesOct 1 2014

Polar launches fund for new hire Guy Rushton

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Polar Capital has launched an absolute return equity fund for new hire Guy Rushton.

The Polar Capital UK Absolute Equity fund will aim to deliver posiive absolute returns by investing on a long/short basis mainly in UK equities, but it also has the flexibility to invest globally.

In addition to its annual fee, the fund will level a performance fee of 20 per cent, which it will receive if it beats its hurdle rate of three-month GBP Libor.

It is the first fund to be launched for Mr Rushton since he joined from Legal & General Investment Management (Lgim) in August 2014.

Mr Rushton had run $440m at Lgim across long/short and long-only funds investing in UK and European equities.

Iain Evans, Polar Capital’s global head of distribution, said the fund had been launched in response to “growing interest from our investors for lower volatility, less directional strategies” following a period of strong developed market equity returns.