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Former JOHCM investment boss Black joins Polar as CIO

In a quarterly update this morning, Polar also confirmed the launch of two new funds

Former JOHCM investment boss Black joins Polar as CIO

Former JO Hambro investment director Sandy Black has joined Polar Capital as chief investment officer.

Black (pictured right) will assume responsibility for Polar's investment teams as well as identifying and selecting new investment strategies for the firm.

He announced that he was departing JOHCM in May, having joined the company in 2010. He previously worked as head of equities at Insight and headed European equities at Deutsche's funds division.

In a trading update, Polar also confirmed the launch of two new funds: an Asian Stars fund, run by Jorry Noddekaer, and the previously announced Global Absolute Return fund, managed by David Keetley.

Nøddekær joined the firm in June from Nordea Asset Management to become head of its emerging markets and Asia team.

Quarterly outflows

Alongside Black's appointment, Polar reported net outflows of £286 million in the three months to the end of last year.

Assets under management (AUM) fell by £1.8 billion over the same period to £12.7 billion, driven by market movements and performance.

The group's share price had falled 0.41% to 486p by late morning.

In the nine months to 31 December, Polar's AUM grew 5.8% from £12 billion, on net inflows of £646 million.

Profits from performance fees rose 57.3% year-on-year from £15 million to a record £23.6 million, a figure the firm said was enhanced by an anticipated £3 million of amounts deferred.

Polar said: 'The group has not been immune to the market correction that followed the last quarterly update and has had a challenging period.

'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.'

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