Polar Capital, the specialist investment management firm, has launched The Polar Capital Discovery Absolute Return Fund. The new vehicle is a global macro fund covering developed and developing markets with a primary focus on currency. The Fund, which Polar believes to have ultimate capacity of around USD1bn, will seek to profit from a medium-term, research driven fundamental investment approach. Through time about 70% of the risk is likely to be applied in currency markets, with the balance shared across rates, equity and commodity markets. The new fund will be managed by Paul Lambert, who was previously Global Head of Currency

Global Advisors, the commodity hedge fund manager, this week launched two new funds based on systematic quantitative models developed in-house.

London-based Aspect Capital Limited has appointed three new board members to further strengthen its management team.

Man Group plc announced this week that its profit (before tax and exceptionals) rose 51 per cent in the year ended 31 March 2006 to USD 1.306 billi

Monte Cristo Capital Limited has launched a new emerging market fund focused on capturing fundamental long-term value from identifying transformati

The Baring Asia Hedge Select Fund, launched in May 2003, has completed a three-year track record, returning 13.9% (annualised) since launch.

Julius Baer, in partnership with Sydney-based Aurora Funds Management, is tapping into the Australian wholesale market with an absolute return fund

Glasgow Investment Managers is launching its first hedge fund, the Glasgow Mackintosh Fund, a Pan-European equity long/short fund.

Troika Dialog has launched a Cayman islands-registered hedge fund the Troika Russia Fund (TRF), with assets of over USD 40 million.

Polar Capital LLP has launched Polar Capital European Conviction Fund, a concentrated equity long/short portfolio of liquid European mid and large