The CIO of Man Group’s Multi-Manager division, Luke Ellis (pictured), is to head up a new UCITS fund launched this week.
The CIO of Man Group’s Multi-Manager division, Luke Ellis (pictured), is to head up a new UCITS fund launched this week. The Man GLG Multi-Strategy fund is the first combined offering since the FTSE-listed hedge fund manager acquired GLG Partners last year. The fund was developed by Man’s multi-manager, product structuring, financing and legal teams and will have its own dedicated investment team. The open-ended UCITS has started with more than EUR100million in commitments and will give retail and institutional investors exposure to a portfolio of between 10 and 15 Man-run UCITS funds. GLG and AHL strategies, the latter being Man’s quant-driven managed futures operation, in addition to Man Group’s Man Systematic Strategies, Man Convertibles and Ore Hill will all be available to investors. Minimum investment is EUR1,000 and there are no hidden costs beyond the underlying fund fees. Ellis’s investment team will actively allocate across the different strategies and pool them into three portfolio areas: equity l/s strategies (50-80 per cent), risk-seeking strategies (10-35 per cent) and diversifying strategies (5-25 per cent). Ellis said that the fund incorporated “the best investment talent from both GLG and AHL teams” with a fund structure that European investors are looking for. “We’re encouraged by initial fundraising and are looking forward to driving returns for our clients through this new innovation,” said Ellis.