Business
Acquisition of HIM Capital
Acquisition of HIM Capital.
About this update from Polar Capital Holdings Plc
[{"type":"text","content":"\n RNS Number : 6801S Polar Capital Holdings PLC 15 September 2010 \n \n\n15 September 2010\n \nPolar Capital Holdings plc\n \nPolar Capital announces the acquisition of HIM Capital \n \nPolar Capital Holdings plc (\"Polar Capital\" or the \"Group\") announces that it has exchanged contracts for the acquisition of HIM Capital Holdings Limited (\"HIM\"), a specialist fund manager with an established track record of managing financial funds, which has approximately $230 million of assets under management. The acquisition, which is expected to complete before the month end, will establish a strong financials sector franchise within the Group which is in line with Polar Capital's established growth strategy.\n \nHIM's subsidiary, HIM Capital Limited (\"HIM Capital\"), was formerly called Hiscox Investment Management prior to the management buyout of the business from Hiscox plc at the end of 2007. HIM Capital has been managing financial funds since 1993 and currently has the following four open ended, long only funds invested in the financial sector: Hiscox Insurance Portfolio Fund, Hiscox Far Eastern Financial Fund, Hiscox European Financial Fund and HIM Income Fund. All four funds have significantly outperformed their benchmarks since launch.\n \nThe Hiscox Far Eastern Fund won the prestigious Lipper financials sector prize in the UK in 2010, while the Hiscox Insurance Portfolio Fund won the Lipper financials sector prize in Switzerland in 2009. Both of these funds are five star rated by Morningstar. \n \nCommenting on the acquisition, Tim Woolley, Chief Executive of Polar Capital, said:\n \n\"We are absolutely delighted to be incorporating the HIM Capital team into the Group and establishing such a strong financials sector franchise for Polar Capital. The acquisition is in line with the Group's ambition to accelerate growth by attracting new investment talent and building sector specialist platforms from which we can develop the business and enhance returns to our shareholders. It is testament to the strength of our brand that we have been able to attract the HIM Capital team, which offers a unique group of highly experienced fund managers and a balanced portfolio of long-only funds with outstanding track records. We look forward to working with the team and capitalizing on Polar Capital's...