GLG Partners

Funds under management at Man Group-owned GLG shrank by $1bn in the three months to the end of 2011, according to a trading statement released today.

The hedge fund industry is in line to post its second worst year since 1990, with returns only lower during 2008, according to data from Hedge Fund Research.

GLG has launched a Strategic Bond fund for Christophe Akel, who also runs the group's Global Corporate Bond fund.

High yield

GLG Partners is to close its £7m Asia Pacific fund, managed by the group's co-heads of emerging markets,as well as its Global Emerging Markets offering.

Shares in Man Group have fallen over 20% this morning as the investment manager warned of a $6bn contraction in funds under management in Q3.

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

Schroders has hired GLG's Core Plus Sterling Bond fund manager Gareth Isaac.

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GLG has bought its flagship European long-short hedge fund, managed by GLG co-founder Pierre Lagrange, to the UK market.