WEST PALM BEACH, FL (HEDGECO.NET) – GLG Partners has announced that it will be launching two new funds in the coming weeks; the London based asset management group said it has raised about US $550million to be used as seed capital for the two new portfolios. One of the funds, a fixed-income fund will be seeded with about US $500 million, while US $50 million will go to the second fund, whichis a managed futures strategy according to published reports.
The new fund launches will bring GLG�s total hedge fund launches to a total of 15 funds, since 1995 when the firm began its hedge fund management operations. The 15 hedge funds included in GLG�s boutique offer investors the opportunity to invest in different types of funds and strategies best suited to their investment needs and philosophy.
GLG Partners have attracted hedge fund management talent from several other investment management firms, while the company built up its hedge fund business. According to news reports, GLG had recruited a team of four portfolio managers from Barclays Capital; such team will be responsible for the day-to-day management obligations of the new fixed-income hedge fund. An additional portfolio manager, Peter Harnett was hired from HSBC to run the new managed futures strategy.
Commenting on the new portfolios, Paul Harvey, managing director of GLG Multi-Manager Investments, said �You do have to close funds when they reach capacity, but we will set up other funds on our platform, so we have ample room for growth, but we will only do it if we can maintain performance,� Harvey explained.
No additional details about fee structure and minimum investments were immediately provided. London based GLG Partners asset management was rated as one of the largest asset managers in the world, by Alpha magazine publication of the Institutional Investor. GLG oversees about US $11 billion in investor assets.
Paul Oranika
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HedgeCo.Net
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