Wednesday, 22 February 2017
Last updated 13 hours ago
Sep 24 2013 | 10:03am ET
GLG Partners has closed its emerging-markets special-situations hedge fund amidst a restructuring of its emerging markets efforts.
The decision to pull the plug comes after the vehicle lost about 60% in 2012. It also follows the exits earlier this year of managers Karim Abdel-Motaal and Bart Turtelboom, who have founded their own hedge fund, APQ Partners.
The Emerging Markets Special Situations Fund debuted in 2007 and was once managed by former star GLG trader Greg Coffey, who handed the funds over to Abdel-Motaal and Turtelboom in 2008.
The Man Group unit has recently been restructuring its emerging-markets team, judging that emerging and developed markets are increasingly integrated and should be more coordinated, Asian Investor reports. Both developed and emerging markets investments are now overseen by GLG's macro and fixed-income unit, led by Jamil Baz and Sudi Mariappa.