Rory Powe has been handed the management of the £64m GLG Continental Europe fund following his arrival at the group at the end of July.
The former head of European equities at Invesco, will take over the fund tomorrow and change the strategy to fit with the same investment philosophy and style that he ran money with Invesco and Powe Capital Management, which he founded in 2001.
At Invesco Powe was responsible for assets totalling some £9.5bn, running the Invesco Perpetual European Growth fund between 1991 to 2001. He assumes the running of the GLG fund from Sandy Rattray, CEO of Man AHL.
According to GLG while the objective’s and investment policy of the fund will, stay the same, its portfolio construction will change as a result of Powe’s fundamental approach to investing in growth stocks.
Under Rattray the fund aims to capture alpha from the identification of patterns in medium-term (60-90 days) broker recommendations, through a systematic approach. An ETF version of this strategy was launched last year.
Teun Johnston, Co-CEO of Man GLG, says: “Building out our long-only platform is a central pillar of our growth strategy and Rory will play an important role in that as the manager of the GLG Continental Europe fund.
“His rigorous approach and proven ability to generate alpha, combined with our infrastructure and resources, should create a compelling proposition and we look forward to seeing what Rory can deliver for investors in the coming months and years.”