Mon, Mar 2, 2015
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. Investing - Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched, Myriad hedge fund sold bulk of its Alibaba stake last year[more]

    Seth Klarman of Baupost outlines his investment process as major stock market indices are stretched From Valuewalk.com: As hedge fund manager Seth Klarman, leader of the $28 billion Baupost Group, reviews 2014 performance and considers investors gained near 7 percent on the year, he cons

  2. Adamas Asset Management and Ping An Insurance to co-manage $500m debt fund[more]

    Komfie Manalo, Opalesque Asia: Hong Kong-based Adamas Asset Management and Ping An Insurance Group, one of China’s largest financial institutions, have finalized a memorandum of und

  3. Opalesque Exclusive: dbSelect’s top ten FX strategies average almost 10% in January[more]

    Benedicte Gravrand, Opalesque Geneva: In one of Deutsche Asset & Wealth Management (AWM)’s hedge fund platforms, called dbSelect, a number of FX Strategies did very well in January. dbSelect is a managed investment platform for unf

  4. Opalesque Exclusive: SEC’s Mark J. Flannery warns hedge funds against valuation misconduct[more]

    Komfie Manalo, Opalesque Asia: Securities and Exchange Commission chief economist and director of Division of Economic and Risk Analysis (DERA) Mark J. Flannery has warned of the risks posed by market misconduct, particularly in the true valuation of assets by hedge fund managers. In his

  5. Dymon Asia's $3bn macro hedge fund lost 10.45% in January[more]

    From Reuters.com: Dymon Asia's $3.1 billion macro hedge fund lost 10.45 percent in January, performance data seen by Reuters showed, a month where many peers lost heavily after a surprise rise in the Swiss franc. Singapore-based Dymon, set up by Danny Yong, a former founding partner and chie