New York-listed alternative asset manager GLG Partners has been awarded a new mandate from the asset management division of Banca Fideuram, part of Italy’s Intesa Sanpaolo Group, to manage
New York-listed alternative asset manager GLG Partners has been awarded a new mandate from the asset management division of Banca Fideuram, part of Italy’s Intesa Sanpaolo Group, to manage three Ucits III 130/30 accounts offering retail investors access to hedge fund-like strategy and investment flexibility.
The accounts are expected to fund late in the third quarter of this year with initial assets of some USD3bn. The management fees charged will be at institutional levels with a performance fee override earned on any excess performance generated relative to the underlying benchmark equity indices.
‘We have a close relationship with Banca Fideuram, which currently has USD250m invested with GLG,’ says chairman and co-chief executive Noam Gottesman. ‘We are delighted to have this unique opportunity to further expand and strengthen our partnership with the bank and its networks as they seek to broaden their asset management product offering.’
Tommaso Corcos, chief executive of Banca Fideuram’s asset management division, says: ‘We are excited to have this opportunity to offer our individual investment clients access to hedge-fund like flexibility through the expansion of our partnership with GLG.
‘GLG has a proven track record of alpha generation capability, and our existing relationship gives us great confidence in their ability to manage this important new mandate and create additional value for our investors.’
Launched in 1995, GLG aims to focus on preserving clients’ capital and achieving consistent, superior absolute returns with low volatility and low correlation to equity and fixed income markets. At the end of March the firm managed assets exceeding USD24bn.
Banca Fideuram, which had some EUR65.5bn in assets under management at the end of March, heads a group of integrated subsidiaries, located in Italy and abroad, specialises in managing financial products exclusively distributed by its private bankers. It also offers traditional banking facilities, including securities and proprietary mutual funds trading services, as well as life and pension products.