GLG Partners, the subsidiary of Man Group, has launched a long/short hedge fund that trades the stocks of companies around the world.
Bloomberg Businessweek reported that the new fund, which is modeled after London-based GLG’s flagship European equity pool, started trading this month and is overseen by Pierre Lagrange, Simon Savage and Darren Hodges.
Man Group, also based in London, has been launching new hedge funds recently in an effort to boost its assets under management since investors redeemed $11.5 billion in the first half of this year, leaving the firm with $52 billion in assets as of June 30. Man had $57 billion in AuM at the end of last year, after it experienced a nearly 60% increase in liquidations in the third quarter of 2012.
GLG, which manages about $24.5 billion in assets, was acquired by Man in 2010 for $1.6 billion.