The latest in funds and investments in Europe, the Middle East and Africa.
Man GLG has launched a new UCITS fund. The group has hired Mike Scott to manage the Man GLG High Yield Opportunities Fund, which it said combines bottom-up credit selection with top-down thematic investment analysis, and is part of efforts to further develop the firm's credit platform and suite of fixed income portfolios.
At the start, the fund will be more focused on cash-generating than cyclical businesses, which have reached attractive valuations, it said, adding that credit selection will be the focal point of the investment process.
Scott, who joined Man GLG’s discretionary investment management business from Schroders in 2018, will typically hold 60 to 80 positions within the portfolio.
“The fund will employ the same process and philosophy I have used for many years within Man GLG’s performance-driven platform that leverages the latest technology and sophisticated risk analytics,” Scott said.
He added: “I believe the yield is attractive and, following a period of marked underperformance of Europe versus the US last year, has created a very interesting entry point for specific high yield credits. Nonetheless, it is vital to be focused on credit selection and we expect to see more disparity emerge between good and bad credits.”