Polar Capital shuts UK equity desk as Philip Hardy leaves

Polar Capital UK Absolute Return fund manager Philip Hardy has left the firm resulting in the closure of its UK equity desk

Mr Hardy will leave this quarter, and “it is not currently expected that a replacement UK team will be recruited” the company said in an update.

It added the departure left “further scope to add additional teams should the opportunity arise”.

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Polar Capital said the closure will result of an outflow of $293m (£183.2m) in Q4, at current market levels.

While the company received $3.2bn of net inflows in the first half of the year, it said in future quarters it anticipates “inflows to be less certain and possibly materially lower” given recent market uncertainty.