LGIM Invests In GLG UCITS Fund

Mar 10 2010 | 11:25am ET

Legal & General Investment Management’s multi-manager range has made its first investment in a hedge fund.

The firm has invested £20 million in GLG Partners’ new Alpha Select Fund, a UCITS III-compliant offering which is nearing capacity less than a month after its launch, despite the impending departure of one of its managers.

“We are happy to give them £20 million,” Alan Thein, co-manager of the LGIM multi-manager fund.

“This is our first move into the alternatives space, but this is a good way of leveraging into hedge funds,” he told the Financial Times.

Thein said LGIM had no concerns stemming from the upcoming retirement of GLG co-manager Jason Mackay.

“Nick Judge on the team has a bit more experience anyway,” he said. “But if John White”—the fund’s other manager—“was to go as well, that would change things completely.”

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