Turmoil forces GLG to shut the door on Harker’s Japanese fund
CONCERNS over liquidity in Japan have forced GLG to close the door on a key fund in the nation.
Stephen Harker’s £1.1bn Japan CoreAlpha fund faces a “soft closure” from 30 March, meaning it will place restrictions on new investment.
The fund, which has beaten the Japanese sector average for the last three years, will re-open when market conditions improve.
Richard Phillips, head of UK retail at Man, said liquidity in the Japanese equity market had fallen in the aftermath of the earthquake in March of last year.
“While this has not impinged on the team’s ability to manage portfolios with the desired degree of liquidity and flexibility, it has created a risk that performance could become constrained if inflows into the strategy increase,” Phillips said.
GLG was bought by Man Group, the world’s largest listed hedge fund, for $1.6bn (now £1.01bn) in 2010.