UK-based hedge fund manager GLG Partners has won a mandate to manage $3bn (â¬1.9bn) of retail investors' assets from an Italian private bank in a move that should help shore up assets under management in the face of expected redemptions when a star manager leaves later this year.
The company, which is listed in the US, has been appointed to manage the assets from the fund management division of Banca Fideuram, an Italian private bank. It will manage them using a 130/3 investment strategy, which have 130% exposure to long positions and 30% to short ones.
