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GLG to reopen Japan CoreAlpha funds

GLG Partners is reopening the £855m GLG Japan CoreAlpha and offshore £719m GLG Japan CoreAlpha Equity funds to new investors.

The funds, which are managed by Stephen Harker, Neil Edwards and Jeffrey Atherton, will re-open to new investors on 10 December.

They were soft-closed to new investors on 30 March to protect existing investors against potential liquidity risk following strong inflows into the GLG Japan CoreAlpha strategy and a fall in the turnover of shares on the Tokyo Stock Exchange.

Man head of UK retail Richard Phillips says: “The soft closure was a precautionary and temporary measure. We believe there is currently sufficient capacity available to open the strategy again to new investors.

“This decision has been considered carefully and we believe that re-opening the strategy would pose no potential risk to performance at this time and we are pleased to make the funds available again to new investors.”

Whitechurch Securities head of research Ben Willis says GLG’s short-term performance has not been great.

He says: “Japan has not been a very popular market for several years now and the GLG team’s reputation has been tarnished by the last couple of years’ performance.

“However, over the long-term the track record is intact and so with the fund at a low and open for business, for investors with a contrarian perspective and looking to gain Japanese equity exposure, now could be a good time to invest.”


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