Polar Capital shuts £30 million hedge fund

``The Polar Capital Discovery fund, a £31 million global macro hedge fund, is to wind up. The wind up process will begin immediately, Polar Capital told its investors, and the move will result in a loss of £0.6 million... Since 2008 a number of hedge funds using the same structure have come under pressure, prompting investors to flee in their droves to other vehicles. The Discovery fund, which launched in May 2006 and invested predominately into currencies and other macro instruments such as fixed income futures, will publish its final performance statement on 14 January.''