Comment: Chris Sullivan
The hedge fund industry has always had a bit of a schizophrenic relationship with the media, particularly here in the US
22/06/2011
Man launches combined multi-strategy Ucits
Man Group has launched the Man GLG Multi-Strategy fund – the first combined Ucits fund to result from Man’s 2010 acquisition of GLG Partners.
The open-ended fund, which offers daily dealing, has raised more than €100m ($144m) in commitments and is available to both retail and institutional investors.
The multi-strat fund will give investors access to a portfolio of 10 to 15 Man-run Ucits funds, including industry GLG and AHL strategies, as well as Man’s Man Systematic Strategies (MSS), 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.
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