Wednesday, 24 August 2016
Last updated 9 hours ago
Oct 18 2013 | 1:00pm ET
GLG Partners has launched a new global version of its flagship European strategy.
The new fund is led by GLG co-founder Pierre Lagrange, Darren Hodges and Simon Savage. The three men already manage GLG's US$3 billion European Long/Short Fund, which is up 7.4% this year.
To facilitate the fund's broader focus, GLG, a unit of the Man Group, plans to hire traders and analysts with expertise in the U.S. and Asia, Bloomberg News reports. Lagrange is chairman of Man's Asia business.
The fund, which has not been announced publicly, began trading earlier this month.
The launch comes as Man seeks to roll out a variety of new products to stem asset losses from its flagship AHL strategy. Man posted its first quarterly inflow in two years in the third quarter, with most of the new money going to GLG funds.