Money managers under the microscope
Thaw continues at Polar
Having more than halved in the year to March, Polar’s assets edged upagain to $2 bln, from $1.9 billion at end-Sept and $1.5 bln in March.
Rising markets have undoubtedly helped. Performance and currency movements over the six months to Sept added $366 mln, much of which was from long-only funds.
But clients are also slowly putting their money back into funds — around $57 mln into long-only funds and $54 mln into hedge funds.
As hedge funds are now the smaller part of Polar’s business, the numbers show investors are — here at least — returning to hedge funds at a marginally faster pace than for long-only funds.
After last year’s battering and $330 bln of outflows in the year to June (according to HFR), this can only be good news for the industry.