GLG, a subsidiary of Man Group, has recorded an almost $4bn (£2.4bn) increase in funds under management in the first half of 2014.
Figures from the half-yearly report of its parent company Man Group noted the growth in assets was partly driven by “continued flows into strategies that sold well in 2013 including European Long Short, Japan Core Alpha and Euro Distressed”.
The report also highlighted the impact of $1.2bn raised into the Strategic Bond strategy following strong performance since launch, and a further $400m raised into the Global Long Short strategy, which launched in October 2013.
Funds under management in GLG’s alternatives strategies increased by approximately 10 per cent to $18bn, although the report noted investment performance across the GLG alternatives range was negative in the six months and reduced assets by $0.3bn.
Meanwhile assets in GLG’s long only offerings reached $16bn, with $2bn of the total $3.8bn sales in the first half flowing into the Japan CoreAlpha strategy managed by Stephen Harker.
In the results statement Man Group noted: “We continue to look for talent to broaden out the Alternatives and Long Only product offering. On the alternatives side, Pierre-Henri Flamand joined at the beginning of June and will focus on a global catalyst-driven strategy across the capital structure. In our long only business, Rory Powe joined the European equity team managing a focused European equity long-only strategy.”
