Hedge fund GLG looks to seed UK-listed oil producer

Reuters – GLG Partners, among the world’s largest hedge-fund managers, is launching an oil production company that will be listed on the London Stock Exchange this fall, people familiar with the plans said on Monday.

GLG, based in London but listing its own stock in New York, intends to seed a venture called Lothian, that will be floated on the London Stock Exchange in September and then acquire oil production assets worldwide. Lothian would begin with a market value of about $500 million, said the sources, who were not authorized to speak for attribution because the venture is still in the planning phases.

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