Man draws on GLG talents in latest launch

Man Group has launched a multi-manager product combining its own computer-driven fund with discretionary products from GLG Partners, the boutique it acquired in mid-October.

Man IP 220 GLG is a multi-fund product that has an allocation to Man’s $23bn model-driven AHL strategy, and also to the GLG Global Opportunity Portfolio, which invests across a range of GLG discretionary strategies.

Man highlighted its own, and GLG’s, long term track records and the historically low correlation of their respective fund offerings.

Christoph Möller, Man’s global head of distribution and institutional relationship management, said: “Man IP 220 GLG has been designed using strategies which perform independently from each other, with the aim of generating strong returns across a variety of market conditions, providing investors with a valuable portfolio diversification tool.”

AHL Diversified, the variant of the AHL strategy in which Man IP 220 GLG will invest, made 14.8% last year; 8.3% annualised in the three years to the end of 2010; and 10.1% annualised over five years, according to Man.

It aims to identify, and exploit strong market trends in liquid futures markets around the world.

Over the past two years Man doubled the research resources behind AHL, and opened a trading desk for it in Hong Kong.

The underlying strategies in GLG Global Opportunity include long/short equity in US, European and emerging markets, convertible and credit arbitrage, global macro and distressed securities.

GLG Global Opportunity’s managers decide on asset allocation between these strategies after taking a macro-economic view of the world, as well as views on individual sectors and strategies.

The multi-strategy product made 10.6% last year; 0.4% annualised in the three years to the end of 2010; and 6.7% annualised over five years, according to Man.

David Walker

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