Polar Capital calls bottom as assets start increasing

HEDGE fund Polar Capital yesterday went out on a limb, calling a bottom for the industry as it posted a rise in assets under management.<br /><br />&ldquo;It is encouraging to note that the anticipated drying up of redemption requests has materialised,&rdquo; the firm said in a statement. <br /><br />&ldquo;There are now some positive signs that the industry in general and Polar Capital in particular is beginning to see a change in sentiment as investors start to reinvest into both hedge as well as long only strategies.&rdquo;<br /><br />Polar&rsquo;s total assets under management increased 3.1 per cent between March and June, to $1.53bn (&pound;900m) from $1.48bn. <br /><br />The firm&rsquo;s long-only funds were the star performers, rising 13.5 per cent from $746m to $847m.<br /><br />In March, Polar managed over $3bn of assets, but then saw its assets halve as investors moved their money out of the hedge fund sector.