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The board of directors of London-based but New York-listed alternative asset manager GLG Partners has elected Pierre Lagrange as a director.

The appointment is to fill the vacancy created by the resignation of the former president and chief executive of Freedom Acquisition Holdings, Nicolas Berggruen.

Lagrange is a co-founder and senior managing director of GLG Partners and has overall responsibility for a number of its global equity products, including the flagship GLG European Long-Short Fund.

Noam Gottesman, chairman and co-chief executive of GLG says: 'We would like to thank Nicolas for serving on our board and are looking forward to the added perspective Pierre will bring.'

GLG, which was established in 1995 and managed net assets exceeding USD17bn at the end of September, focuses on preserving capital and achieving absolute returns with low volatility and low correlations to both the equity and fixed income markets.


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