(Reuters) – A macro hedge fund managed by the GLG unit of Man Group lost 9 percent in January and is closing, sources said.<\/p>\n
The performance contrasts with gains in the group’s hedge funds which use computer programs to drive their investment decisions. The $4.4 billion AHL Diversified fund gained 7.2 percent last month, while the $4 billion AHL Evolution fund returned 7.7 percent, according to data seen by Reuters.<\/p>\n
The decision follows a torrid month for many macro hedge funds who were caught out by the Swiss franc rise during the month after a surprise decision by the Swiss National Bank to remove a cap on the currency.<\/p>\n
The GLG Atlas Macro fund manages about $70 million, down from peak assets of about $600 million in 2012, and is one of the smallest hedge funds under the GLG unit, which managed $32.2 billion at the end of September last year.<\/p>\n
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