GLG Partners - the investment manager part of London based hedge fund giant [tag|Man Group|]Man Group[/tag] - has made Andy Li a portfolio manager in its fixed income division.

GLG Partners - the investment manager part of London-based hedge fund giant Man Group - has made Andy Li a portfolio manager in its fixed income division.

Working alongside portfolio managers Jon Mawby and Steve Roth, Li will co-manage the £540 million ($910 million) GLG Strategic Bond Fund and £126 million GLG Global Corporate Bond Fund. He will also co-manage the funds’ Dublin-domiciled equivalents, the GLG Flexible Bond Fund and GLG Global Investment Grade Bond Fund.  

Li joins GLG from ECM, where he was lead portfolio manager of the ECM Diversified Financials Europe Fund and co-manager of the ECM Absolute Return Credit Fund. As at 30 September 2013, GLG Partners had $27.7 billion in assets under management.

“Building out our fixed income platform is a strategic focus for the business and we are seeking to enhance our resource in this area in line with growing demand for our strategies,” said Teun Johnston, co-chief executive at GLG.

In January this year GLG made Henry Dixon manager of its UK Income fund. He took over the fund from John White, who relinquished his fund management responsibilities last year to work on strategic initiatives at Man Group.

Man Group bought GLG in 2010 for $1.6 billion, making it the largest hedge fund acquisition in history.

In February Man Group announced that its funds under management for 2013 fell 5 per cent from $57 billion at the end of 2012 to $54.1 billion in 2013. It also said it was on track to deliver total cost savings of $270 million by the end of 2015 and announced its intention to repurchase $115 million shares.