GLG's European Alpha Alternative UCITS fund, which is part of the Man Group, is closed to new investment after reach $1bn.
GLG Partners, the Financial Services Authority (FSA) authorised and regulated investment manager and part of Man Group, has announced that the GLG European Alpha Alternative UCITS fund will close temporarily to new investment from 30 June 2011 onwards, after reaching $1bn.
The Fund, managed by Philippe Isvy and Pierre Valade, is a long/short market neutral fund investing primarily in continental European equity markets, but mainly French equities, targeting absolute returns with low volatility. The investment strategy is driven by fundamental and technical analysis focused on an investment universe gathering between 300 and 350 large and mid-cap stocks.
Launched in June 2009, the Fund has delivered an annualized net performance of 6.7% and an annualized volatility of 3.6%. Olivier Dubost, Managing Director in charge of Man-GLG distribution in France, commented: “The success of the GLG European Alpha Alternative UCITS fund confirms the capability of the GLG asset management team to combine focus on performance with volatility control.”
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