GLG Partners, the investment firm acquired by Man Group in 2010, has started a hedge fund modelled after its flagship European equity pool that will trade the stocks of global companies, according to three people with knowledge of the matter.
Bloomberg reports that the fund started trading this month and is overseen by Pierre Lagrange, Simon Savage and Darren Hodges, who manage the firm’s $3bn European Long-Short Fund, said the people, who asked not to be identified because it hasn’t been announced publicly.
GLG plans to hire traders and analysts with experience investing in U.S. and Asian companies to work on the fund, said one of the people.
Man Group has been unveiling new hedge funds in an effort to boost assets after clients pulled more than $10bn from its biggest one, AHL Diversified, since the end of 2010. The company has had success this year raising money for funds focused on stocks and credit as equity markets rise and investors become less concerned that the European sovereign debt-crisis is hurting economic growth, Man Group Chief Executive Officer Emmanuel Roman told analysts last week.
To access the complete Bloomberg article hit the link below: