GLG soft-closes market neutral hedge fund at $1bn

GLG has soft-closed its Market Neutral fund managed by Steve Roth after inflows took the strategy beyond $1bn (£610m) in size.

The group has been preparing to soft-close the fund at $1bn for some time, and earlier this year said it expected to reach this benchmark before the year-end. The move is an effort to keep the fund more nimble by maintaining it at an optimal size. Back in 2011, the fund manager reportedly said the fund may even begin handing back capital to its existing investors in the future in order to keep it at a size which will not impact performance. The hedge fund trades using a range of strategies, including convertible arbitrage, long/short credit, capital structure arbitrage, distressed ...