Polar Capital, a UK-based investment management firm, has appointed Sandy Black as its CIO.

In the new role, Black will be responsible for protecting client interests through independent review of the firm’s investment teams.

He will also support the identification and selection of new investment strategies.

Black joins from J O Hambro Capital Management, where he served as an investment director.

Polar Capital CEO Gavin Rochussen and Black were formerly colleagues at  J O Hambro, where the former spent eight years as the CEO.

Polar Capital’s assets under management (AUM) totalled £12.7bn at the end of December 2018. As at 31 March 2018, the firm’s assets were £12bn.

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Commenting on its performance, the group said: “Although flows for the year remain positive, the Group experienced net outflows of £286m in the quarter and net reduction in AUM in the quarter of £1,770m through market movement and performance.

“Despite the market’s volatility and weakness, the Group has been able to hold on to a significant amount of the performance fees accrued as at the end of September. At the calendar year end, net performance fee profits of £23.6m have been received, a record figure that surpasses the £15.0m reported a year ago.”

The group also introduced two new UCITS strategies. One is the Asian Stars Fund, which will be managed by Jorry Noddekaer and his team.

Another is the Global Absolute Return Fund. The vehicle will be run by David Keetley and his team.