Man GLG Reopens Japan CoreAlpha Equity Fund

Jun 4 2015 | 11:12am ET

Man GLG, the discretionary investment management business of Man Group, is removing investment restrictions from one of its flagship Japanese equity funds due to an improvement in market liquidity. 

The GLG Japan CoreAlpha Fund was originally restricted last October, when a cap of £1 million per day in new capital was instituted. The cap will be removed as of June 8, 2015.

The restriction is being lifted due to improved liquidity in the Japanese equity market, according to the company. In addition, extra capacity has become available in the fund which allows it to handle greater investment amounts.

Man GLG noted that "an increase in domestic and foreign institutional interest coupled with favorable reforms in corporate governance has improved liquidity in the Japanese equities market," according to a letter to investors seen by Investment Week.

Between both the onshore and offshore versions of the fund, the strategy had a combined £4 billion in assets by September 2014, which prompted the investment limitation, or “soft close” in industry parlance. 

It was the second such soft close for the fund, having restricted new investments back in March 2012. It reopened again in December that year. 

The GLG Japan CoreAlpha Fund seeks capital growth through investing in the quoted securities of companies operating in Japan. The strategy, run by well-known U.K. money manager Stephen Harker and co-managers Neil Edwards, Jeff Atherton and Adrian Edwards, has been a standout performer among Japanese equity funds. For the year-to-date through June 3, the fund has returned 29%, versus a peer average of 24%, according to FE Trustnet, and booked returns of 78% over the past three years. 

Founded in 1995 and bought by Man Group in 2010, London-based Man GLG is one  of the largest alternative asset managers in the world, with 33.3 billion in assets under management as of March 31, 2015.


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