Polar Capital Holdings has announced that it has exchanged contracts for the acquisition of HIM Capital Holdings. The acquisition, which is expected to complete before the month end, will establish a strong financials sector franchise within the Group.

HIM's subsidiary, HIM Capital, was formerly called Hiscox Investment Management prior to the management buyout of the business from Hiscox 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.

Commenting on the acquisition, Tim Woolley, Chief Executive of Polar Capital, said: “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 strong distribution network to unlock further value in these funds.”

Alec Foster, Chairman of HIM Capital, added: “This is an exciting opportunity for the HIM Capital team to continue building on the excellent track records of our funds. The combination with Polar Capital provides access to an established platform to broaden the shareholder base of our funds through their distribution network. We look forward to working with the Polar Capital team to achieve these goals.”