The London-based hedge fund manager GLG Partners is launching the GLG Atlas Macro Alternative Fund, a UCITS III absolute return version of GLG’s multi-asset, global macro fund strategy.

Portfolio manager Driss Ben-Brahim and chief investment strategist Jamil Baz will employ a strategy similar to that of the Cayman-based GLG Atlas Macro Fund, targeting an average annual net return of 10-15 per cent, with annualised volatility of 10-15 per cent over time.

In common with the existing fund, the GLG Atlas Macro Alternative Fund will seek to make investments on a global basis across all classes of financial instruments, including equities, indices, currencies and fixed income.

The new fund will be the eighth absolute return UCITS III fund launched by GLG since July 2009; the firm has raised about $1.5 billion in this form.

"The GLG Atlas Macro fund has performed well since launch in early 2009 and demand has been strong for a UCITS version that employs the same investment process under the same leadership," said Raffaele Costa, GLG co-head of marketing .

“UCITS restrictions on certain asset classes mean the new fund will not exactly mirror the existing macro fund.  We expect however this UCITS fund to be a good proxy for this strategy - with the same objective of delivering high absolute annual returns within an attractive volatility range.”