GLG to launch total return fund as group bolsters macro desk

GLG is to launch a global total return fund targeting LIBOR + 5% after expanding its macro investment team.

The group has poached James Ind from Russell Investments to join its Macro and Relative Value team, which will run the portfolio. The total return fund is scheduled to launch in the next few weeks. It will be a value-driven fund, headed up by GLG’s Jamil Baz and Sudi Mariappa, who recently joined from PIMCO. The fund will invest across a variety of asset classes, aiming to deliver its total return on a three-year rolling basis by taking positions in bonds, equities, and cash. It will also take active bets on currencies if the managers see an opportunity in the asset class, and i...