GLG Readies UCITS Macro Fund

Oct 11 2010 | 1:28pm ET

GLG Partners is launching a UCITS III-compliant version of its US$250 million macro fund, headed by one of its top hedge fund managers.

The new Atlas Macro Alternative Fund will be GLG’s eighth UCITS fund. It is also likely the last new fund news to come out of an independent GLG, with the firm’s shareholders set to approve its acquisition by the Man Group tomorrow.

The UCITS macro fund will mirror GLG’s Atlas Macro Fund, and will feature the same management, the Financial Times reports. Former Goldman Sachs trader Driss Ben-Brahim, who joined GLG two years ago, and GLG strategy chief Jamil Baz will helm the new fund.

The UCITS version will target annual returns of between 10% and 15%, with volatility of between 10% and 15%.

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