GLG to reopen UK Alpha Select UCITS Fund

GLG Partners LP (“GLG”), the Financial Services Authority (“FSA”) authorised and regulated investment manager, is to open the GLG Alpha Select (UCITS III) Fund (the “UCITS Fund”) to limited new investment on 20 September.
Launched on 19 February 2010, the Fund, which replicates GLG’s award winning UK equity market neutral strategy, initially closed to new investment on 5 May 2010 after attracting over $300m of assets.
With the Fund – which focuses on fundamental stock-picking underpinned by top-down economic analysis and strict risk management – outperforming its peer group since launch¹ and investor demand for the product remaining strong, GLG is to create an additional $250m of capacity with the aim of closing the Fund once this has been filled.

Richard Phillips, co-head of UK Retail at GLG, commented on the announcement:
“Demand for the GLG Alpha Select UCITS Fund was extremely strong following its launch in February and we took the decision to restrict capacity to around $300m for liquidity management reasons and to ensure we could continue to deliver the outperformance our investors demand.
“Now that objective has been met, with John White and his team delivering strong relative risk-adjusted returns, we are creating this additional capacity to enable new and existing investors to gain exposure to the fund.”
GLG’s UK Equity team is headed by John White and also includes Charlie Long and Nick Judge. Sir John Gieve, the former Deputy Governor of the Bank of England, is senior advisor.
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¹ Source: Lipper 19/02/2010 to 01/09/2010. The GLG Alpha Select (UCITS III) Fund has returned 1.48% over the period compared to a sector average return of 0.30%.