Man Investments is combining two of its core alternative investment management units Glenwood Capital Investments and Man Global Strategies into a single unit, Man Glenwood Strategies.
The new division will be based in Chicago and led by John Rowsell, chief investment officer of the new unit. He was president of Glenwood Capital. Information about other officers of Man Glenwood was not available, said spokesman Armel Leslie. Mr. Leslie would not comment about rumored layoffs resulting from the merger. Glenwoods assets total about $7 billion; MGS assets were not available.
Mr. Rowsell said in a news release that the merger will strengthen Mans ability to offer separately managed hedge fund-of-funds portfolios.
In bringing together Glenwood and MGS, we will combine the investment skills and relationships at Glenwood with the expertise developed at MGS, particularly the portfolio construction, risk management skills and processes developed for their managed (separate) account platform, he said in the release.
Man Glenwood Strategies will develop new style-based products and different multimanager mixes, while continuing to manage existing strategies, including managed futures and structured products, according to the news release.
An industry source who asked for anonymity said that hedge fund-of-funds managers that specialize in separately managed portfolios are faring better than those with commingled funds that are experiencing high withdrawals from their predominately high-net-worth and private-bank-channel clients.