GLG has completed the rationalisation of its British fund range, merging two funds and closing a third.
The £50m GLG UK Active 350 was merged into the GLG UK Growth fund, and the £54m GLG UK Special Opportunities fund was merged into the GLG UK Select fund.
The £7m GLG UK Small companies fund was closed, with investors offered free switching into any other GLG funds.
Richard Phillips, joint head of UK retail at GLG, says the decision was not a difficult one. “When [Société Générale’s UK business] was acquired by GLG, we had to look at the funds we had, and what we wanted going forward,” he says.
“Smaller, uneconomic funds are not something you want any more,” says Phillips.
“Our corporate situation forced us to act, but we will see increasing rationalisation from groups with much larger fund ranges, especially in the current climate. Cost pressures will force fund managers to act,” he says.
Phillips says GLG’s British retail fund range is now “considerably more simple and straightforward”.
“We now have a fund range that is very easy to understand: an income fund (the GLG UK Income fund), a growth fund (the GLG UK Growth fund) and a high alpha fund (the GLG UK Select fund),” he says.
It was also announced last week that Mark Harris and Craig Heron, Henderson New Star multi-managers, have invested over £20m in the GLG UK Select Fund.