Man launches first multi-strategy UCITS fund combining AHL and GLG strategies
Man Group plc (“Man”) has successfully launched the Man GLG Multi-Strategy fund – the first combined UCITS fund to result from Man’s acquisition of GLG Partners, Inc. in 2010, which created the world’s largest independent alternative asset manager.
22 June 2011
The open-ended fund, which offers daily dealing, has raised more than €100m in commitments. It is designed to give both retail and institutional investors access to a complimentary portfolio of 10 to 15 Man-run UCITS funds, including industry-leading GLG and AHL strategies, as well as Man’s Man Systematic Strategies, Man Convertibles and Ore Hill strategies.
A dedicated investment team, led by Luke Ellis, chief investment officer of Man’s Multi-Manager division, will actively allocate to the strategies and group them into three core portfolio components – equity long/short strategies (50-80%), risk seeking strategies (10-35%) and diversifying strategies (5-25%) – with risk capital judiciously allocated between them.
This latest open-ended fund has a low minimum investment of €1,000 and no extra layer of management or performance fees beyond the underlying fund fees.
Luke Ellis said, “This multi-strategy UCITS fund incorporates the best investment talent from both GLG and AHL teams, with a fund structure that so many investors in Europe and beyond are looking for. We’re encouraged by initial fundraising and are looking forward to driving returns for our clients through this new innovation.”
The fund was developed by Man’s Multi-Manager, product structuring, financing and legal teams, drawing on their collective skillset and knowledge in delivering transparent, liquid, onshore investment solutions. It follows the launch of IP 220 GLG Ltd in February - the first new structured product to combine AHL and GLG discretionary strategies and the latest addition to Man’s highly successful IP 220 range.