Polar Capital CEO resigns

LONDON (Reuters) - Hedge fund group Polar Capital said chief executive Mark Kary will leave at the end of the year, with co-founder Tim Woolley taking charge as the cash-rich firm seeks to expand after a recovery in asset levels.

Kary will step down as CEO with immediate effect but remain at the firm to help with the handover to Woolley.

"(Woolley) has the complete support of all fund managers and other stakeholders in the company," chairman Tom Bartlam said.

Woolley gave up direct money management 18 months ago, but has remained an executive director. He takes over the CEO role at a time when Polar has about 28 million pounds in net cash and is looking for ways to expand, most likely through new hires.

Polar (POLR.L) said Kary will pursue other career opportunities after his "amicable" resignation, but declined to offer further detail. A source close to the firm said Kary has yet to decide on any future role.

He joined Polar in 2005 after leading Morgan Stanley's (MS.N) northern European business targeting ultra-high-net-worth individuals.

Analysts at Numis remained upbeat about the firm as the hedge fund industry starts to show some renewed strength amid improving returns and new inflows.

"The business is also showing good progress... whilst the share price may suffer on the back of the announcement we believe the business remains in good shape," the analysts said.

Polar announced last month a 28 percent jump in assets under management for the six months to end-September.

(Reporting by Joel Dimmock)