GLG closes Asia Pacific and GEM funds

GLG Partners is to close its £7m Asia Pacific fund, managed by the group's co-heads of emerging markets,as well as its Global Emerging Markets offering.

Letters have been sent to investors informing them the funds - which have failed to grow assets - are to be wound down. Karim Abdel-Motaal and Bart Turtelboom took over the management of the Asia Pacific fund in January 2010, in a bid to boost performance. The duo revamped the fund, switching to a macroeconomic top-down process, the fund previously having used a bottom-up stock selection process. However, returns remain marginally below the peer group average under the new manager. Over one year the vehicle has fallen 12.6%, compared to the IMA Asia Pacific excluding Japan secto...