GLG Awarded $3B 130/30 Mandate

May 19 2008 | 8:55am ET

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.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...