The new UK long-only fund will be managed by John White and Jason Mackay and will be a UK-domiciled version of the firm’s Irish Ucits long-only GLG UK select equity fund.
It will invest primarily in companies in the FTSE 100 and will blend macro and thematic analysis with comprehensive fundamental research in order to generate investment ideas.
The fund will target returns in excess of the FTSE all-share total return index, net of fees.
It will have a performance fee of 20 per cent levied on any performance above the benchmark return and an annual management charge of 1 per cent per annum.
GLG joint head of UK retail Andrew Thatcher says: “The fund’s charging structure is a departure from the typical UK equity product and demonstrates our willingness to align our interests with those of investors. It benefits neither party for the fund to underperform and we believe our approach will prove to be attractive, particularly with management charges coming under increasing scrutiny.”