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GLG shuts emerging-market bond fund

GLG shuts emerging-market bond fund

GLG has closed its Emerging Markets Currency & Fixed Income Alternative fund, Wealth Manager can reveal.

The fund invested across the fixed income spectrum, aiming for absolute returns in any market conditions on a rolling 12-month basis.

However, the fund lost 1.27% in 2011, returned 0.69% in 2012, and lost 1.92% through the first six months of 2013.

The fund’s size had dwindled from around £30 million at the start of last year to less than £5 million when it was closed on 31 December.

The fund was managed by Sudi Mariappa and Kumaran Damodaran, who took it over from Karim Abdel-Motaal and Bart Turtelboom at the start of last year.

Abdel-Motaal and Turtelboom left GLG to start their own venture, APQ Partners; they had previously been GLG’s co-heads of emerging markets, having inherited those responsibilities from former star trader Greg Coffey after his move to Moore Capital.

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