Polar Capital has decided to shut its UK equity team with no immediate plans to re-enter the UK equity market.
The company is expecting to see an outflow of US$293 million in the December quarter after the UK equity team gets closed.
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Although it will not recruit a direct replacement for the UK manager, there is scope for other teams to join if the opportunity arises.
The UK business was headed by departing manager Philip Hardy. The UK equity team manages the £25.8m Polar Capital UK Absolute Return fund as well as other mandates.
Polar Capital said: "Given the renewed uncertainly in markets over recent weeks we would expect the levels of net inflows to be less certain and possibly materially lower in the upcoming quarters notwithstanding the loss of the UK related assets.
"The group believes that despite this qualification it remains well positioned to grow both assets and profitability further over the longer term," the firm added.
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