Polar Capital has raised £153m in the successful initial public offering of the Polar Capital Global Financials investment trust.
The asset manager aimed to raise £100m for the trust, which will be run by former New Star manager Nick Brind with John Yakas as co-manager. The fund will begin trading today.
Polar Capital head of closed ended funds John Regnier-Wilson says: “The successful IPO clearly demonstrates the investment case and also the high regard that investors have for the Polar Capital financials team.
“The structure of the trust is geared to the needs of investors, with fees based on the lower of market capitalisation or NAV, subscription shares at launch and a hard wind-up in May 2020.”
Brind managed the New Star Financial Opportunities fund then joined HIM Capital in May 2009. He joined Polar with Yakas in September 2010 when it acquired HIM Capital.