GLG to close bond funds after Isaac departure

GLG Partners is to close three of its bond funds after manager Gareth Isaac was poached by rival Schroders.

The group said it plans to close the GLG Gilt, GLG Core Plus Sterling Bond, and Total Return Bond funds following fixed income star Isaac's departure. All three funds have a small amount of assets compared to peers, with just £48m in the Core Plus fund, £33m in the Gilt fund, and a further £34m in the Total Return fund. The Core Plus fund is nonetheless a top quartile performer over three years, returning 33.8% versus an average of 21.5% for the IMA Sterling Corporate Bond sector. The Gilt fund is also top quartile, having returned 27.2% over three years compared with a sector aver...