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Polar Capital relaunches income fund with new financials strategy

19 January 2024

Polar Capital announces a strategic shift and a name change for Polar Capital Income Opportunities, now focusing on financial credit.

By Gary Jackson,

Head of editorial, FE fundinfo

Polar Capital has unveiled a new strategy for the Polar Capital Income Opportunities fund, including a change in approach and a new name, in addition to strengthening its global financials team.

Polar Capital Income Opportunities will become the Polar Capital Financial Credit fund and invest only in fixed income, particularly the senior and subordinated bonds of global financial companies. It will continue to be managed by Nick Brind.

Originally launched in 2009, the fund was designed to offer investors less risky exposure to the financial sector, investing in both equity and debt securities of financial companies. However, Polar said the evolving landscape of the sector, marked by developments like the rise of fintech and alternative asset managers, and changes in the monetary environment makes now a good time to shift focus.

Furthermore, the introduction of complex financial bonds such AT1 and RT1 securities has created new investment opportunities. The Polar Capital Financial Credit fund aims to capitalise on these developments and complement Polar Capital’s two equity-focused financials strategies.

Iain Evans, global head of distribution at Polar Capital, said: “We’re very pleased to be able to relaunch the Polar Capital Financial Credit fund. The change in strategy to invest in fixed income only will enable the investment team to take advantage of the compelling opportunities in the financial credit market and to provide our investors with an attractive level of income. Over the long term, financial credit has provided good risk-adjusted returns to investors and we expect it to continue to do so.”

Alongside these changes to the fund, Polar Capital has strengthened its global financials team with the hire of Tom Dorner. Dorner was formerly a senior investment director at abrdn and managed the abrdn Europe ex UK Income Equity fund.

He has joined Polar as a fund manager, with the firm highlighting that his expertise in European financials – Dorner covered the space in his roles at abrdn, Citi and Lehman Brothers – positions him well for this role.

Additionally, Jack Deegan, who joined Polar Capital in 2017, has been promoted to fund manager on the Polar Capital Financial Credit fund, while maintaining his analyst role across the team’s broader fund range.

Evans said: “We look forward to Tom building on his significant expertise and sharing his wealth of experience as both a fund manager and investment analyst. Along with Jack’s promotion to fund manager, these moves reinforce our commitment to the financials sector.”

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