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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