View more on these topics

GLG shuts Japan fund until liquidity returns

The £1.1bn GLG Japan Core Alpha fund will be soft-closed next month due to the lack of liquidity after last year’s earthquake and tsunami.

The fund, which is managed by Stephen Harker and Neil Edwards, and the offshore GLG Japan CoreAlpha equity fund will soft-close on March 30, subject to approval from the FSA and the company’s board.

The two funds will remain open to redemptions.

GLG says both funds will reopen fully once it is confident that market conditions in Japan allow for normal trading, even in the event of a significant increase in assets under management.

Man Group head of retail Richard Phillips says: “Since the earthquake in Japan last March there has been a reduction in liquidity in the Japanese equity market.

“This has not impinged on the team’s ability to manage portfolios with the desired degree of liquidity and flexibility but it has created a risk that performance could become constrained if inflows into the strategy increase.”

Chelsea Financial Services managing director Darius McDermott says: “We are fully supportive of GLG’s decision to soft-close the funds as it is looking after its investors.

“The closure should only by temporary though and, once market conditions in Japan allow for normal trading, the funds could be reopened to new investors.”

Recommended

5

MM leader: Aifa needs to step up to the mark

Last week’s decision by the Association of Mortgage Intermediaries to break away from Aifa may have made sense from Ami’s perspective but means another senior and valuable staff member is leaving the adviser trade body. The departure of director Rob Sinclair, to head the newly independent Ami, is another blow to an organisation which has […]

Gross lending stable as Barclays profits hit £6bn

Barclays saw profits fall by 3 per cent last year to £5.9bn from £6.1bn in 2010. The bank’s bonus pool fell by 25 per cent to £2.15bn, with individual cash bonuses capped at £65,000. The investment banking division’s bonus pot fell by a third to £1.5bn. New gross mortgage lending rose from £16.9bn to £17.2bn, […]

US: mid-year review and outlook

By Felix Wintle, Manager of the Neptune US Opportunities Fund H1 2014 Economic data: after last year’s strength, economic data has disappointed. Indeed, the economy contracted 2.9 per cent in the first three months of the year — the US economy’s worst performance for five years. However, rather than a symptom of underlying economic weakness or […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Leave a comment