GLG hires two fund managers from Merrill Lynch
LONDON, Sept 8 (Reuters) - London-based hedge fund firm GLG Partners (GLG.N) said on Monday it had hired two fund managers from Merrill Lynch MER.N to run technology and energy portfolios. The New York-listed firm said Anthony Burton, who ran a global long/short fund focused on technology, media and telecoms at Merrill, will co-manage GLG's global technology portfolios with Philip Pearson.
The funds' focus will be widened to include the global media and telecom sectors, the firm said in a note.
Meanwhile, Andrew Knott, who ran Merrill's European oil and gas exploration and production equity research team, will run a new global energy strategy and provide input into GLG's energy-related investments.
A spokeswoman declined to give further details of the new fund. The hires come as a number of traders or bankers leave investment banks for hedge funds, which look an increasingly attractive option at a time when many banks are being hit by writedowns and pressure on profits and bonuses. Earlier this year GLG said star trader Greg Coffey, who ran $7 billion in assets, had resigned and is due to leave the firm next month. (Reporting by Laurence Fletcher, editing by Will Waterman)
