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

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GLG, a wholly owned subsidiary of Man Group, is to close the GLG Alpha Select (Ucits III) Fund to new investment on 10 December 2010 after reaching its asset target of USD550m.

Launched on 19 February 2010, the long/short fund, which replicates GLG’s UK equity market neutral strategy, initially closed to new investment in May after attracting over USD300m of assets.

To meet ongoing demand GLG created an additional USD250m of capacity on 20 September, which is very close to being filled.

Once the fund is closed, retail investors can still gain exposure to the UK equity team, headed by John White, through GLG’s range of long-only funds.

Richard Phillips, head of UK retail at Man, says: “Demand for the GLG Alpha Select (Ucits III) Fund has been strong since launch and the additional USD250m of capacity has filled very rapidly, demonstrating the esteem in which John and his team are held.

“From 10 December the Ucits Fund will be permanently closed to new investment, although retail investors will still be able to access the UK team’s long-only suite of funds, including the UK Select Fund, which has returned 32.4 per cent since launch last August, and the UK Income Fund, which has returned 36.2 per cent since John’s team assumed control in June 2009.”

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