GLG Partners announced this week that it was re-opening its GLG Alpha Select newcits to additional, limited investment having seen strong take-up by investors since it was launched in February this year. The fund, which replicates its hedge fund brother by using a market neutral strategy targeting UK equities, attracted over USD300 million before it closed. As co-Head of UK Retail at GLG, Richard Phillips, explained to Hedgeweek via email: “Since the fund’s initial closure in April we have been approached by a number of investors asking about the possibility of gaining exposure to the fund or, in the case of many of our existing investors, of topping-up their existing holdings.” Fund capacity will now by increased by an additional USD250 million to allow both new and existing investors to gain exposure. Alpha Select uses a fundamental approach to stock picking, employing top-down economic analysis and strict risk management to deliver returns. The UK equity team at GLG is headed up by John White, and, as Phillips reveals, performance has already been strong. “The performance of the UCITs fund is now very closely correlated with the hedge fund version, which has returned 6 per cent year-to-date,” says Phillips. “John White is very confident about the period ahead and excited by what he believes will be a very favourable environment for the UK team’s approach and strategy.”