The fund is set for launch on June 3, 2008, subject to the approval of the Irish Financial Services Regulatory Authority, and will be a mirror of the UK hedge vehicle also managed by Hardy.
Hardy will invest in 60 and 80 stocks with a large-cap bias. He will also be able to access European and global markets.
Hardy set up the UK team at Polar Capital after joining the firm from Schroders where he managed the group’s UK equity fund. He will be assisted on the fund by Nick Shenton, who joined Polar Capital in 2007.
Hardy says: “Global equity markets are at an inflection point and volatility in the UK equity market has increased significantly and is likely to remain high. With the outlook now being less predictable and risks skewed to the downside, the ability to establish short positions and identify secular trends and pricing anomalies is becoming increasingly important.”