GLG Partners is investing in a new oil production company, to be listed on the London Stock Exchange, Telegraph.co.uk reports. The hedge fund will be the cornerstone investor in Lothian, which will buy oil assets from across the globe and manage them.

GLG is also helping in putting together a management team for Lothian, which includes Tom Hickey, John Kennedy and Andrew Knott. The advisers for the deal are Merrill Lynch and JP Morgan Cazenove.

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