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GLG set to offer five absolute funds in UK

GLG is planning to use the new IMA reporting status rules to bring five absolute return funds into the UK market.

The asset manager, which bought SocGen Asset Management in April, has 12 funds in its Dublin-domiciled Ucits III range and is looking to apply the new rules to five absolute return funds once the rules come into force on December 1.

The funds include four emerging market funds – emerging market credit opportunity, equity, fixed income and currency. The company is also bringing its pure alpha fund, a pan-European long/short vehicle to the UK market.

GLG partners co-head of retail Richard Phillips says the new reporting status, which replaces distributor status which ceases at the end of 2010, will make the funds eligible for UK investors with the group submitting the funds to the Investment Management Association to include in their respective sectors on January 1, 2010. These additions are subject to the funds qualifying under various criteria, such as being priced in sterling, having reporting classes and appropriate liquidity rules.

He says: “In the future, we can see up to half a pension fund consisting of absolute return funds and we want to bring different offerings like these funds into the market for investors.”

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