Man To Soft-, Then Hard-Close GLG Founder’s Retail Fund

Jun 18 2012 | 12:01pm ET

Just a year after beginning to offer retail investors access to one of its top hedge fund managers, the Man Group is getting ready to put the brakes on Pierre Lagrange’s European stock fund.

The firm said it would soft-close the fund when it hits US$1 billion in assets and hard-close it at US$1.25 billion. Lagrange’s GLG European Equity Alternative Fund debuted in July and has already garnered US$760 million in assets.

GLG co-founder Lagrange’s co-manager, Simon Savage, admitted to the Financial Times that he and Lagrange did not expect “this point would arise within such a short space of time.” But the fund will begin turning away large allocations at US$1 billion to “ensure that the fund retains the ability to meet its capital growth/capital protection objectives.”

Man plans to reopen the fund if and when capacity becomes available.

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