Tue, May 31, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

GLG launches Atlas Macro UCITS III Fund, Driss Ben-Brahim to manage

Monday, October 11, 2010
Opalesque Industry Update - GLG Partners LP ("GLG"), the Financial Services Authority ("FSA") authorised and regulated investment manager, is launching the GLG Atlas Macro Alternative Fund (the “UCITS Fund”), a UCITS III absolute return version of GLG’s multi-asset, global macro fund strategy.

Portfolio manager Driss Ben-Brahim and GLG’s chief investment strategist Jamil Baz will employ a similar strategy to the Cayman-based GLG Atlas Macro Fund, and target an average annual net return of 10-15% p.a with annualised volatility of 10-15% over time.

In common with the existing fund, the GLG Atlas Macro Alternative Fund will seek to make investments on a global basis across all classes of financial instruments including equities, indices, currencies, and fixed income. While supported by extensive qualitative analysis and quantitative models, the strategy's thematic trade expressions will be mainly liquid and limited in number to avoid excessive portfolio complexity. Portfolio construction will follow an objectively defined risk allocation methodology.

The institutional management fee of the Ireland-domiciled UCITS Fund will be 2 per cent of its net asset value, with a performance fee of 20 per cent of profits. Institutional investors will be required to invest a minimum of $1,000,000 while retail investors will be able to invest a minimum of $1,000.

The GLG Atlas Macro Alternative Fund will be the eighth absolute return UCITS III fund launched by GLG since July 2009 and will complement the existing strategies that offer exposure to the UK, Europe and Emerging Markets. GLG has raised about $1.5 billion in this form.

The UCITS Fund will be a sub-fund of GLG Investments VI plc, incorporated in Ireland and has been authorised by the Irish Financial Services Regulatory Authority (the “Financial Regulator”) for listing on the Irish Stock Exchange.

“UCITS has been an area of great success for the firm and continues to be an area of focus," said Raffaele Costa, GLG Co-Head of Marketing. "We are committed to delivering our best strategies in the format our investors are asking for and pleased that all the absolute return UCITS funds we have launched so far have produced positive returns."

"The GLG Atlas Macro fund has performed well since launch in early 2009 and demand has been strong for a UCITS version that employs the same investment process under the same leadership," Costa said. “UCITS restrictions on certain asset classes mean the new fund will not exactly mirror the existing macro fund. We expect however this UCITS fund to be a good proxy for this strategy - with the same objective of delivering high absolute annual returns within an attractive volatility range.”

(press release)


GLG Partners, Inc., the ultimate parent company of GLG Partners LP, is a global asset management company offering its clients a wide range of performance-oriented investment products and managed account services. Founded in 1995 and listed on the New York Stock Exchange in 2007, GLG is dedicated to achieving consistent, superior investment returns through traditional, alternative and hybrid investment strategies. The performance GLG generates for its clients is driven by the proven expertise of its team of investment professionals underpinned by a rigorous approach to investment analysis and a strong focus on risk management. GLG managed net AUM of $23 billion as of June 30, 2010.

On May 17 2010, GLG Partners, Inc. announced that it has agreed to be acquired by Man Group plc. The transaction is expected to be completed later this week, subject to approval from GLG shareholders at a meeting convened for tomorrow, October 12 2010. www.glgpartners.com


Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Americas - Australian banks sending U.S. hedge funds broke, Ryan Puerto Rico ‘rescue’ bill could be windfall for hedge funds[more]

    Australian banks sending U.S. hedge funds broke From SMH.com.au: US hedge funds are not having the best of years. Profits are hard to find, they're underperforming and the punters are losing patience, withdrawing US$15 billion ($20.8 billion) in the March quarter. They're expected to wit

  2. Investing - Billionaire Wilbur Ross likes the look of Chinese bad loans, Hedge funds are still relevant in a diversified portfolio: 4 fundamental criteria for superior manager selection[more]

    Billionaire Wilbur Ross likes the look of Chinese bad loans From Bloomberg.com: U.S. billionaire Wilbur Ross said he’s considering investing in nonperforming loans in China, as Moody’s Investors Service said that the nation has the tools to prevent a financial crisis in the near term. I’

  3. Investing - Blackstone gives pricey Canadian energy and property thumbs down, One of the most concentrated hedge fund bets is getting crushed, Facebook is hedge funds' new tech darling,[more]

    Blackstone gives pricey Canadian energy and property thumbs down From Bloomberg.com: Canada’s energy assets are uneconomic and real-estate markets overvalued, making them less attractive for investment than in the U.S. and elsewhere, according to Tony James, president of Blackstone Group

  4. Study - Only 30% of institutional hedge fund portfolios beat the benchmark[more]

    Bailey McCann, Opalesque New York: A new study from CEM Benchmarking, an independent provider of cost and performance analysis for pension funds, shows that only 30 percent of institutional investors hedge fund portfolios beat the benchmark after fees. The study provides in depth analysis of real

  5. Opalesque Exclusive: $1bn hedge fund club grows to 668 managers, continues to dominate (Part One)[more]

    Komfie Manalo, Opalesque Asia: Despite an underwhelming 2015 and a slow start to 2016 in terms of performance, one group of managers that continues to dominate the assets of the hedge fund industry is the so called $1bn club – hedge fund managers with at least $1bn in assets under management (AU