Man GLG, the discretionary investment management business of Man Group has launched a new UCITS compliant fund, Man GLG European Mid-Cap Equity Alternative fund.
The Fund will be domiciled in Ireland and managed by GLG Partners LP. The portfolio manager is Moni Sternbach, who joined Man GLG from Cheyne Capital in January 2015. It will seek to provide attractive risk-adjusted returns through both long and short investments primarily in European securities with a market capitalisation of EUR500m to EUR10bn.
Moni Sternbach, a mid-cap specialist, joined Man GLG after almost three years as lead manager of the Cheyne European Mid Cap Long/Short strategies. Prior to Cheyne, Sternbach was head of European smaller companies at Gartmore Investment Management, where he worked from 2002 to 2011.
The Fund will seek to deliver returns through stock selection and active portfolio management driven by meeting management teams and undertaking rigorous research. Research forms the bedrock of the investment process, and will leverage the expertise within the GLG business.
Man GLG’s co-CEO Teun Johnston, says: “Moni is a very experienced portfolio manager who has been investing in this segment of the European market since 2002. We believe that his expertise, combined with our robust infrastructure, will create a compelling proposition at a time when the asset class has become more inefficient and the wide dispersion of returns has created opportunities for stock pickers.”
Sternbach says: “The new strategy fits very well within the Man GLG investment framework and offers significant synergies with the European stock picking team and its sector specialists. We believe the European mid-cap equity market segment has become an increasingly compelling asset class for stock pickers due to poor and worsening sell-side analyst coverage, which provides the potential for us to generate attractive risk-adjusted returns for investors.”
