AMWatch

Polar Asset Management ditches hedge fund and starts something new

The hedge fund Polar Multi Asset was supposed to short stocks expecting Dow Jones and Nasdaq declines in August. This is not how it turned out and now Polar is withdrawing and starting a new fund instead.

In March, Polar Asset Management started a hedge fund with a NOK 50m capital (EUR 4.7m), which in the month of August would use the declining stock market caused by the Covid-19 pandemic to create returns through short-selling. This is not how it happened.

"From when we established the position on Aug. 10, the stock market went up from the first second and kept increasing 10-12 percent over August, CEO and Manager at Polar Asset Management Kent Torbjørnsen tells Norwgeian business media Finansavisen.no.

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