GLG has hired Invesco's former head of European equities Rory Powe and is planning a launch for the manager.
The news comes 13 years after Powe left Invesco Perpetual to set up his own hedge firm, Powe Capital Management (PCM).
GLG is set to launch a focused European equity long-only strategy for Powe He will also continue to manage the PCM Europe Fund, launched in July 2009, with GLG taking over the management contract from PCM. The PCM Europe Fund has returned 73.2% since inception against a FTSE World (Europe) return of 60.2%.
Powe was viewed as one of the star fund managers at Invesco, and ran the Invesco Perpetual European Growth fund for a decade when he left in 2001.
'Rory has an outstanding track record of generating alpha in European equities and he will be a great addition to our investment team as we continue to build out our long-only platform. Rory will manage assets with the same philosophy and methodology he did at PCM but with the benefit of GLG’s resources, strength, infrastructure and talent. We are excited to welcome him to the business,' Teun Johnston, Co-CEO of GLG, said.