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Man GLG launches UK long/short fund

Man GLG launches UK long/short fund

Man GLG is to expand its UK long/short offering by launching a dedicated fund for value manager Jack Barrat targeting a 10 per cent annual return.

Mr Barrat's strategy has been run as part of the asset manager's Dublin-domiciled Alpha Select fund - a UK long/short strategy - but the new product will focus primarily on the mid-cap market.

Man GLG said it would also use the process behind its £653m Undervalued Assets fund - run by Mr Barrat and Henry Dixon - and the £158m UK Income strategy, managed by Mr Dixon.

Mr Barrat said: "Our work on the UK market naturally identifies companies that we believed to be overvalued, further to the undervalued opportunities we look for. We were confident that we could effectively monetise this within an absolute return strategy, and have been successfully doing so within Man GLG Alpha Select Alternative.

"Our analysis shows that pockets of the UK market are expensive and the wide valuation dispersion in the mid-cap space is offering a compelling opportunity.”

The fund - charges for which were not disclosed - will launch in June.

Man GLG has also expanded its UK equity team with the hire of James Houlden from UBS. Mr Houlden will support the wider UK equity team working across all funds.