As the global investor market prepares for 2011, funds of funds face a number of battles – not least the idea that the classic model is dead.
If that is the case, then with two legacy businesses, namely RMF Investments and Glenwood Capital Management, Luke Ellis, the new head of the $14.2 billion in multi-manager investments at Man, should be regretting his move back to the coal face of funds of funds as the replacement for Herbert Item.
But instead, un-fazed by history, Ellis, former managing director of Financial Risk Management and non-executive chairman of GLG’s Multi-Manager business, knew exactly what he was taking on and relishes the idea of building what he called the next generation of multi-manager operations.
Ellis, who has more than 25 years’ investment management experience, was set to join Man even before the GLG deal was finalised,...