GLG Partners has been awarded a mandate from the asset management division of Banca Fideuram to manage three UCITS III 130/30 accounts, which are expected to be funded late in the third quarter with initial assets of approximately $3 billion.

Noam Gottesman, GLG’s co-chief executive officer, said: "We have had a close relationship with Banca Fideuram, which currently has $250 million invested with GLG.”

Tommaso Corcos, chief executive officer of the asset management division of Banca Fideuram, added that the new mandate will give its investors access to “hedge fund like flexibility.”

The management fees charged for the 130/30 products will be set at institutional levels, according to the firms. 

Italian private bank Banca Fideuram currently manages some € 65.5 billion (US$102 billion) in total assets and publicly traded GLG managed over $24 billion in assets as of the end of March.