GLG UCITS fund closes to new investors after hitting $550m target

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The GLG Alpha Select UCITS III Fund is closing to new investment this week after reaching its asset target of $550 million.

GLG, a wholly owned subsidiary of Man Group, launched the fund on 19 February 2010. The long/short fund replicates GLG’s UK equity market neutral strategy, initially closed to new investment in May after attracting over $300 million of assets.

To meet ongoing demand GLG created an additional $250 million of capacity on 20 September.

Once the GLG Alpha Select (UCITS III) Fund is closed, retail investors can still gain exposure to the UK equity team, headed by John White, through GLG’s range of long-only funds.

Richard Phillips, head of UK retail at Man, says: “Demand for the GLG Alpha Select