Tuesday, 31 March 2015
Last updated 2 min ago
Apr 19 2011 | 1:33am ET
GLG Partners will close one of its flagship hedge funds to new investors within weeks at it seeks to preserve its ability to post big returns.
The London-based hedge fund, now part of the Man Group, will stop accepting new investors for its Market Neutral Fund when the vehicle reaches US$1 billion in assets under management, the Financial Times reports. That day is expected to come at some point in the next few weeks.
What's more, the fund, formerly manned by former star GLG trader Philippe Jabre, is likely to return some capital to existing investors, rather than grow beyond a level that current manager Steven Roth sees as optimal.
"It's very satisfying to have new money coming in and build relationships with new investors, but it should take second place to performance and organic asset growth," Roth told the FT. The fund returned 85% in 2009 and 35% last year.
The fund once managed as much as US$3 billion before losing more than half of its value during the financial crisis.
"The industry has changed," Roth said, explaining the drastically smaller capacity. "The advantages of managing a smaller fund is that trading has a bigger impact on performance and one has the ability to get in and out of positions even though liquidity has not returned to pre-crisis levels."
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…