GLG launches Ucits version of flagship UK Alternative fund

GLG Partners is set to roll out a Ucits III version of the group’s flagship long/short UK Alternative fund.

Run by GLG UK Select fund managers John White and Jason Mackay, the equity vehicle aims to replicate the duo's existing market neutral strategy and will initially be capped at £200m.

Similar to the existing UK long/short strategy, GLG says the Ucits vehicle will focus on fundamental stock-picking, underpinned by top-down economic analysis and strict risk management.

GLG co-head of UK marketing Andrew Thatcher says the group has put a major emphasis on closely following performance of the existing strategy.

"Whilst there is always potential for some tracking error we are confident that the existing alternative fund strategy can be substantially replicated under Ucits constraints and that the Ucits rules provide the portfolio managers with all the tools they need to manage this strategy within a Ucits vehicle," he says.

The new product will be a sub-fund of the Dublin-domiciled GLG Investments VI plc, and is expected to apply for UK reporting status.