Man Group has launched the Man GLG Multi-Strategy fund – the first combined UCITS fund to result from Man’s acquisition of GLG Partners, Inc. in 2010, which created the world’s largest independent alternative asset manager.

The open-ended fund, which offers daily dealing, has raised more than €100m in commitments. It is designed to give both retail and institutional investors access to a complimentary portfolio of 10 to 15 Man-run UCITS funds, including GLG and AHL strategies, as well as Man’s Man Systematic Strategies, Man Convertibles and Ore Hill strategies.

A dedicated investment team, led by Luke Ellis, chief investment officer of Man’s Multi-Manager division, will actively allocate to the strategies and group them into three core portfolio components – equity long/short strategies (50-80%), risk seeking strategies (10-35%) and diversifying strategies (5-25%) – with risk capital judiciously allocated between them.

This latest open-ended fund has a low minimum investment of €1,000 and no extra layer of management or performance fees beyond the underlying fund fees.

Ellis said, “This multi-strategy UCITS fund incorporates the best investment talent from both GLG and AHL teams, with a fund structure that so many investors in Europe and beyond are looking for. We’re encouraged by initial fundraising and are looking forward to driving returns for our clients through this new innovation.”