GLG, the discretionary investment manager of hedge fund behemoth Man Group has launched a UCITS-III compliant version of its long/short financials fund reported Fundweb. The Dublin-domiciled GLG Financials Alternative Fund will be run by David Sanders and Stephen Holliday and will mirror the offshore financials hedge fund, which is up 4.31 per cent through February. The fund has a global mandate and targets absolute returns and low market correlation by investing in a portfolio of between 30 and 60 financial stocks. The fund will be net market neutral. Sanders was quoted as saying: “Our strong in-house expertise and analysis provides us with the tools to identify opportunities in a sector where there are relatively few specialists. This has enabled us to outperform, with a market neutral approach, in what has been a turbulent market.” Sanders believes there is an abundance of market neutral opportunities because of macroeconomic, regulatory and stock-specific factors, adding that the team plans to take advantage of the large number of capital raises, government stake sales and IPOs which are due to occur over the next few years. Minimum investment in the new fund is GBP1,000.