Polar Ucits launch

Polar Capital is to launch long-only Ucits funds for Japan investor James Salter and technology manager Tim Woolley, writes Robert Stock.

The news comes as Phillip Hardy has joined Polar from Schroders. This follows his removal as lead manager of the £754m Schroder Enterprise fund in March this year.

Hardy had run the Enterprise fund since October 1999 but was replaced by Schroders' retail chief investment officer David Gasparro, with Tom Carroll who joined Schroders from M&G.

Polar said it was too early to comment on what Hardy would be running but an absolute return fund and a long-only offshore product both appear likely.

The Dublin-domiciled Ucits funds to be run by Salter and Woolley have been given regulatory approval by the Bank of Ireland and will be launched around the end of September. Polar's intention is that they will go live on 12 October after an initial offer period.

The date the offer period begins has not yet been finalised for the funds which are not to be generally marketed to the advisory community.

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