Hedge Fund Operator GLG Partners Splits From Lehman Brothers
Lehman Brothers, which
sold all its other private client wealth management
businesses in London, Hong Kong and Singapore in 1997,
has now parted company with GLG Partners, specialising
in alternative investment management. Three former Goldman
Sachs employees set up GLG in 1995 with offices and
start-up infrastructure supplied by Lehman - but now,
with more than $8bn under management, GLG's principals
have evidently decided they no longer need a parent. GLG, which has offices
and partners in a number of international locations,
has recently opened a New York office in order to
provide additional on-the-ground research. GLG recently launched
the North American Long/Short Equity fund investing
in US securities, and the GLG European Long/short
fund investing in European securities. Long/short
investing is a directional hedge fund strategy where
a manager takes long or short positions in stocks,
using derivative instruments or newer techniques such
as CFD's or spread betting. The firm, which employs
75 people, offers some nine investment funds including
the GLG Opportunity fund, a global macro hedge fund
that invests in all asset classes including bonds,
equities and currencies on an opportunistic basis.
All of the GLG range, including the GLG Market Neutral
fund, are currently closed to new investors. .
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