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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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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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