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GLG overhauls UK and fixed-interest funds

GLG has proposed a series of mergers and closures across a number of its UK and fixed-interest funds.

The group, which acquired SocGen Asset Management in April, plans to merge the £47.9m UK active 350 fund into the £95.1m UK growth fund.

It is also merging the £53.2m UK special opportunities fund into the UK select fund, a new offering that GLG intends to launch at the end of July. It has also proposed the closure of its £17.9m UK smaller companies fund.

GLG last month appointed John White and Jason MacKay to manage the five UK funds inherited from the SGAM deal. The funds are worth a total of £250m.

White and MacKay currently run the GLG alpha select fund and the group is planning to launch a Ucits III version of the fund. The pair run an offshore version of the UK select equity fund.

GLG also intends to close the £7.8m corporate bond fund to new investment from September 1 as well as changing the name of the international bond fund to the international corporate bond fund.

Hargreaves Lansdown senior analyst Meera Patel says: “You expect rationalisation on the back of mergers and there are too many funds in the investment universe already.”


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