Current news for this fund:
Polar Capital - Lotus, Tech. Absolute Funds - Long-short funds
Count of distinct funds: 2
London-based Polar capital has apparently shut down two funds so far this year. The first, back in January, was the Technology Absolute Returns Fund, which fell about 27% in 2007 and had assets under management dwindle to about $30M. Further, the pincipal investor, who owned 60% of the shares of the fund, expressed the desire to cash out, certainly putting the kibash on any notion of continuing.
Today comes word that Polar has also shut down their Lotus fund. Details of that fund aren't available to us at this time, but apparently it had fallen about 12% last year, and had assets dwindle to about $54M. At that size, Polar says the fund wouldn't be worth managing.
Polar reportedly manages over $3B of assets. In fact, last month they reported holdings were up 6.2% to $3.62B on the year, as of December 31.
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Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.