Introduced last July, the Irish-domiciled vehicle, a Ucits version of its flagship European long/short strategy, currently has $760m (£485m) under management. GLG expects it to reach $1bn in the near future, at which point it will limit larger subscriptions. It will close to all subscriptions at $1.25bn.
Alongside Lagrange are co-managers Simon Savage, a specialist in active risk management, and Darren Hodges, an expert in options trading. The trio have built their reputation in managing GLG’s European long/short strategy since 2000 with two main objectives: sustainable capital growth and protecting capital through effective risk management.
The firm’s Cayman and US-domiciled funds have capacity in excess of $1bn and will remain open.
Savage said: “The provision of a market neutral, equity long/short discipline with daily liquidity clearly holds broad appeal for investors. However, in order to protect the best interests of our investors in all vehicles, and to ensure that the fund retains the ability to meet its capital growth/capital protection objectives, it is essential to constrain assets at an appropriate level for prudent risk management.
“Nevertheless, we continue to review the situation and are constantly seeking to expand and de-correlate our source of returns through the development and incubation of additional strategies.”
