Polar Asset Bond Manager Neary Exits as Hedge Fund’s Returns Lag

Portfolio manager Nick Neary has left Canadian hedge fund Polar Asset Management Partners, according to people familiar with the matter, as the firm's multi-strategy fund posted its fourth negative monthly return this year. Bloomberg reported that the sources spoke on condition of anonymity because the matter is private.

Neary joined the Toronto-based firm in 2013 and departed early in November 2021. He was Polar's strategy lead for fixed income, a role listed on the hedge fund's website. The reporting does not indicate whether his exit was linked directly to the fund's performance, and no replacement or further details on the firm's plans were disclosed.

For allocators, the departure adds to the scrutiny of Polar's fixed-income franchise at a time when its flagship multi-strategy vehicle has been underperforming. Four negative months in a single calendar year is a material drawdown pattern for a multi-strategy manager, and the loss of a senior fixed-income lead will be a focus for investors assessing the team's continuity.