Funds of Hedge Funds

Ignis has hired Michiel Timmerman from Aberdeen Asset Management to run its newly created £2.5bn multi-manager unit.

SECTOR WATCH

Man Group has completed its purchase of GLG Partners, creating a diversified fund group running $63bn of assets.

Man Group has launched a Ucits compliant fund of European hedge funds, run by Robin Lowe, its head of multi-manager long/short equities.

ANALYSIS

Man Group has won overwhelming shareholder support for its $1.6bn (£1bn) bid for GLG Partners, and has made a senior appointment from GLG for the enlarged group.

Thames River plans to close down its Currency Alpha fund following the departure of manager Bill Muysken.

HSBC is to wind up its $100m listed Global Absolute fund of hedge funds following a vote by shareholders.