New York (HedgeCo.net) – Man Group plc has successfully launched the Man GLG Multi-Strategy fund – the first combined UCITS fund to result from Man’s acquisition of GLG Partners, Inc. in 2010, which created the world’s largest independent alternative asset manager.
The open-ended fund, which offers daily dealing, has raised more than €100 million ($144 million) in commitments. It is designed to give both retail and institutional investors access to a complimentary portfolio of 10 to 15 Man-run UCITS funds, including industry-leading GLG and AHL strategies, as well as Man’s Man Systematic Strategies, Man Convertibles and Ore Hill strategies.
The investment team, led by Luke Ellis, chief investment officer of Man’s Multi-Manager division, will actively allocate to the strategies and group them into three core portfolio components – equity long/short strategies (50-80%), risk seeking strategies (10-35%) and diversifying strategies (5-25%) – with risk capital judiciously allocated between them.
“This multi-strategy UCITS fund incorporates the best investment talent from both GLG and AHL teams, with a fund structure that so many investors in Europe and beyond are looking for. We’re encouraged by initial fundraising and are looking forward to driving returns for our clients through this new innovation.” Luke Ellis said.
This latest open-ended fund has a low minimum investment of €1,000 ($1400) and no extra layer of management or performance fees beyond the underlying fund fees.
Editing by Alex Akesson
For HedgeCo.net
alex@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
