Fixed Income  

Polar Capital to launch Ucits global convertibles fund

Polar Capital is planning to launch a convertible bond fund with a long bias, to be run by David Keetley and Steve McCormick.

Subject to regulatory approval, the new Polar Capital Global Convertibles fund will be domiciled in Dublin.

Structured as a Ucits fund, it will seek to deliver absolute returns by investing in convertible bonds, with a yield target of more than 3 per cent.

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Mr Keetley and Mr McCormick currently manage the $40m (£25.7m) Polar Capital ALVA Global Convertible hedge fund, domiciled in the Cayman Islands, which was launched in November 2010 and has delivered a return of 10.7 per cent in the past year.