GLG Ore Hill Raises $200 Million for Credit Mandate

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.

04 October 2011

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*. 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.

Contact

  • Global Communications

    Rosanna Konarzewski
    Global Head of Communications
    Tel: +44 (0) 20 7144 1000
    Clio Adam
    Global Communications Manager
    Tel: +44 (0) 20 7144 1000
  • United Kingdom

    Michael Turner
    Finsbury - UK
    Tel: +44 (0) 20 7251 3801
  • US

    Megan Ingersoll
    Communications Manager Americas
    Tel: +1 212 649-6600
  • Asia

    Scott McFarlane
    Ryan Communication
    Tel: +852 3655 0506
    Carol Park
    Access Communications and Consulting Co. – Korea
    Tel: +82 2 2036 9912
  • Australia

    Paul Cheal
    Honner Media
    Tel: +612 8248 3752

Contacts mentioned herein retain the right to record any telephone calls made to them for training and monitoring purposes.

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