New GLG Macro Fund Up 8% In May

Jun 14 2010 | 12:22pm ET

Most hedge funds took a dive in May, but not all.

GLG Partners saw its macro hedge fund continue a strong run of performance in 2010 with an 8% jump last month, while the average hedge fund shed between 2% and 3%, according to several hedge fund indices.

May’s performance leaves the year-old fund, which manages just US$160 million, up 25% this year, the Financial Times reports. The fund, managed by former Goldman Sachs proprietary trader Driss Ben-Brahim and former PIMCO manager Jamil Baz, returned about 6% last year.

GLG launched the macro fund last year as part of its expansion, as the firm struggled to bounce back from several years of poor performance, most notably at its flagship special-situations fund.

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