GLG Alpha Select (UCITS III) Fund to close after hitting USD550m target

GLG Partners, recently acquired and now a wholly owned subsidiary of London-based Man Group, declared this week that they would be closing subscriptions to the GLG Alpha Select (UCITS-III) Fund on 10^th December 2010 having reached its target of USD550million. The equity l/s Alpha Select newcits attempts to replicate GLG’s award-winning offshore UK equity market neutral strategy, which is headed up by John White. Having only launched on 19^th February 2010, it soft closed in May after already securing over USD300million of assets. In response to clear investor demand, it was then decided to raise the fund’s capacity an extra USD250million on 20^th September – this second tranche is now nearly full. Richard Phillips (pictured), UK Head of Retail at Man, said in the official press release that demand had been strong since launch and demonstrated the esteem in which John and his team were held.