Assets boost for key GLG fund provides a ray of light for Man

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E fund manager Man Group said assets at a key European fund have reached $565m (£364m).

Its GLG Europe Plus Source exchange-traded fund was launched in January last year to track the Man GLG Europe Plus Index, created by Man Systematic Strategies.

The index is a long-only total return equity index, designed to capture outperformance from broker ideas provided specifically for Man GLG.

Pierre Lagrange, co-founder of GLG, said: “We started collecting trade ideas in 2005 at GLG, initially to monitor brokers and then to create strategies using this unique set of broker relationships. The hurdle rate for the brokers is to beat our internal stock pickers, who are very successful, which raises everyone’s game.”

The fund’s performance has provided some counterbalance to the disappointing returns of AHL, Man’s computer driven fund. From launch of the index on 30 December 2010 to 30 April this year the Man GLG Europe Plus Index has outperformed the MSCI Europe by 2.1 per cent.

Man, the world’s largest listed hedge fund, has endured a difficult year. Last week it learnt it would lose its place in the FTSE 100 index.