Hedge fund manager Man Group has won a $200m mandate from the US based $105bn General Motors pension fund.
The mandate will be run by Man Group subsidiary Glenwood. Glenwood has also been appointed by GM as its strategic consultant for hedge funds. Additionally, Man Group revealed that it had won another $200m hedge fund mandate from another US retirement plan. The firm declined to name who their latest client was.
Man Group bought Chicago based hedge fund-of-funds manager Glenwood Capital Investments for $110m in cash last August. Included in the deal was two of Glenwood's affiliates, Glenwood Global Management and the 40% in Man-Glenwood that it did not already own.
At the time, Glenwood had 22 employees and approximately $1.4bn in assets under management, including $850m in Man-Glenwood products. Glenwood was formed in 1987 and began the Man-Glenwood venture in 1995.
By Geoffrey Ho
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.