GLG European Alpha Alternative UCITS awarded OBSR ‘A’ rating

London, 14 January 2011 – GLG, a leading global investment manager and division of Man Group plc, is pleased to announce that the GLG European Alpha Alternative UCITS (the “Fund”) has been awarded an ‘A’ rating by Old Broad Street Research (OBSR).
Launched on 22 June 2009, the USD $444m Fund, co-managed by Philippe Isvy and Pierre Valade, employs a relative value strategy to take long and short positions in equities and derivatives relating to large cap pan-European companies.

Managed with a trading mentality – the average holding period for a position in the Fund is 40 days – the Irish-domiciled Fund aims to deliver a net-of-fees¹ return of 10% per annum with low volatility, irrespective of market and sector direction.
The award of the rating follows OBSR’s recent upgrade of the GLG Japan CoreAlpha Fund to ‘AAA’ from ‘AA’.
Commenting on the GLG European Alpha Alternative UCITS, OBSR says: “The managers respond to significant relative stock price movements within industries and adopt long or short positions when they believe the movement is excessive and can identify a catalyst for a reversal in the short-term. Despite the relatively short-term investment horizon, the managers are able to articulate a precise thesis for every holding in the fund.”
Richard Phillips, Head of UK Retail at Man, said: “Philippe and Pierre take a highly disciplined, fundamental approach to running the fund and we are very pleased to see their efforts recognised by OBSR. Demand for the fund has been very strong since launch and the award further illustrates the appeal of a well-managed absolute return vehicle able to perform in all market conditions.”
¹ The institutional management fee of the Fund is 1.25% of its net asset value, with a performance fee of 20% profits. (NB: Past performance is not a reliable indicator of future results.)