Bloomberg – Barclays Global Investors, the fund management unit of Barclays Plc, overtook rivals GLG Partners LP and Vega Asset Management as the largest European manager of hedge funds, according toInstitutional Investor’s Alpha magazine.<\/p>\n
BGI had $13 billion of assets in single-strategy European hedge funds as of Sept. 30, the magazine said today. Man Group Plc ranked second with $11.9 billion, GLG came third with $11.1 billion and Vega fourth with $10.6 billion.<\/p>\n
London-based BGI benefited from introducing five new funds last year, including a long-short equity fund, the magazine said. While BGI oversees $1.4 trillion in assets, much of that is in lower fee paying index funds.<\/p>\n
GLG and Vega ranked joint first in the table last year with $11 billion. Madrid-based Vega’s assets declined after it lost money on credit rating downgrades at automakers like General Motors Corp. and Ford Motor Co. last year, the magazine said.<\/p>\n