GLG Partners is closing its £7 million Asia-Pacific fund and its emerging markets offering, Investment Week reports. The Asia-Pacific fund is managed by the groups co-heads of emerging markets Karim Abdel-Motaal and Bart Turtelboom.
The fund has fallen 12.6 percent over one year, compared to the IMA Asia Pacific excluding Japan sector average fall of 11.2 percent. The companys £3 million Emerging Markets fund also lost 27 percent, compared to a sector decline of 14.4 percent.
According to Richard Phillips, the head of UK retail at Man Group, which owns GLG, "We recently launched five regional emerging market funds into our Dublin range and a consequence decided to close two existing smaller funds where there was a degree of overlap."
Click here for the story from Investment Week.