GLG forms Asian equity team under ex-GIC, LionRock execs

HONG KONG, July 16 Sun Jul 15, 2012 10:04pm EDT

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HONG KONG, July 16 (Reuters) - GLG Partners has formed a new team in Asia jointly managed by former Government of Singapore Investment Corp executive David Mercurio and Ben Freischmidt, co-founder of LionRock Capital, to focus on the region's equity markets.

The Hong Kong-based team includes four sector specialists and will manage a fundamental long/short equity portfolio, GLG said in a statement on Monday, taking a bet on the biggest but shrinking hedge fund category in the region.

Nearly 40 percent of hedge fund assets in Asia are parked with long/short managers, who aim to make money in any kind of market by betting both for and against listed companies.

Their assets have halved to about $47 billion over the past 4-1/2 years, according to data from Singapore-based industry tracker Eurekahedge.

GLG, a unit of the world's largest publicly traded hedge fund manager Man Group Plc, said Mercurio joined last September, while Freischmidt joined in March.

The duo will be helped by Carl Esprey, who has been with GLG since 2008 and manages the materials sector portfolio, and David Walsh, who came in April from Optimal Fund Management. Walsh will focus on the industrials sector.

The team also includes former CLSA executive Nick Vidale, who will focus on financials, and Sahil Khanna, a consumer & TMT sector specialist who earlier worked at Geosphere Capital and SAC Capital. Both will join GLG in August.

Man Group, which acquired GLG in 2010, managed $59 billion at the end of March.

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