HONG KONG, July 16 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
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.