GLG to launch a green fund.

GLG Partners, the $17 billion London-based hedge fund manager, is planning to start an environment fund based on the greenest companies from its $1.5 billion European equity strategy fund at the start of March. “Our strategy focuses principally on those companies that, in addition to meeting GLG’s very strict stock selection criteria, also have a lighter environmental footprint,” GLG said in a recent letter to investors. GLG’s new fund will pick stocks that have a 30 per cent “lighter” impact on the environment than the average, then use carbon offsets to further lessen the impact. The manager is using research company Trucost to provide data for a “green filter” used to help select stocks.