New York (HedgeCo.net) – GLG Ore Hill LLC, a credit-focused, event-driven hedge fund and structured product manager based in New York, announced that it has raised $200 million for a large institutional client’s credit mandate.
As of September 1, 2011, GLG Ore Hill has $1.7 billion in funds under management which is comprised of institutional assets. GLG Ore Hill invests across the capital structure of highly leveraged companies using a multi-strategy approach and invests opportunistically in event-driven and special situations in distressed, stressed and non-distressed companies. Ben Nickoll and Frederick “Fritz” Wahl are principal officers and the portfolio managers.
“We believe the conditions for high yield investing have improved significantly,” said Mr. Nickoll. “The recent surge in yields for higher quality, below investment grade bonds and loans, along with the steep drop in treasury yields, puts high yield securities at an unusually large multiple to the risk free rate.” Combined with the benign default scenario for the next two to three years, we believe that high yield bonds and loans begin to look attractive in comparison to many other asset classes.”
Since the completion of Man’s acquisition of the remaining 50% of Ore Hill LLC earlier this year, GLG Ore Hill’s operations have been integrated into and are now managed as part of the GLG Credit Platform. This platform boasts 13 credit products, in both hedge fund strategies and long-only strategies, with AUM approximately $7.4 billion(1). The GLG credit platform covers the spectrum of bond asset classes from sovereign debt through liquid, tradable distressed debt and includes more than 25 investment professionals.