Man GLG to shut tech fund as managers exit

Man GLG to shut tech fund as managers exit

Man GLG Technology Equity fund managers Philip Pearson and Anthony Burton are to leave the firm later this year to pursue other opportunities, Investment Adviser understands.

Their £192m fund, jointly run by Mr Pearson and Mr Burton, will close as a result of the pair’s departure.

It is understood Man GLG will offer investors a free switch into other portfolios following the closure.

Article continues after advert

Mr Pearson joined Man GLG, then GLG Partners, in 2001 and was the firm’s senior European technology analyst. Mr Burton joined in 2008.

The fund returned 11.6 per cent over the last year, marginally above the average return for the IA Technology & Telecoms sector. Over three years, the pair produced a cumulative return of 36 per cent, 3 percentage points below the sector average, according to FE Analytics.

The portfolio has seen AUM gradually rise from £149m in October 2012 to a peak of at £243m in March this year, before assets dropped back to their current level.

Top holdings included Apple, Vodafone, Facebook and Google as of August 31.