Telegraph.co.uk – The hedge fund, which has $11bn (£6.7bn) of assets under management, will be the cornerstone investor in the new company called Lothian which will buy oil assets around the world and manage them. The plan is for Lothian to have a market value of as much as $500m.

GLG, which is listed on the New York Stock Exchange, is helping to put together a management team for Lothian that includes Tom Hickey, the former finance director of Tullow Oil, John Kennedy, chairman of Wellstream Holdings – the Newcastle-based manufacturer of pipes for the oil and gas industry – and Andrew Knott, a former analyst at Merrill Lynch who joined GLG last year. It is thought they are looking for one more high-profile director before the flotation.

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SilkInvest – Anglo American PLC, which represents about 10% of the South African index, has been one of the worst performers among the world’s major diversified mining companies.

It has now addressed issues with its under-performing management team. Chief executive officer, Cynthia Carroll, is focusing on cost savings which should help.

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Reuters – Blackstone Group LP said on Tuesday it plans to liquidate two hedge funds as a lack of outside investing amid tight credit markets will prevent them from getting big enough to be meaningful to the company.

The private equity firm plans to consolidate its distressed securities fund with GSO Capital Partners, a hedge fund manager it acquired in March for $10 billion.

Blackstone also plans to spin off Blackstone Kailix advisers, the investment manager of its long/short equities fund, to a management team led by Manish Mittal, who plans to form a new fund as an independent entity.

"We believe these measures will enable us to operate more profitably in the current environment," Chief Operating Officer Tony James said.

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Tags: blackstone group, blackstone group lp, chief-operating-officer, credit markets, distressed-securities, gso-capital-partners, hedge-fund-manager, independent entity, investment manager, management team, measures, mittal, private equity firm, reuters, tight credit