GLG gets $3bn asset management mandate from Banca Fideuram
GLG Partners has been awarded a mandate from the asset management division of Banca Fideuram to manage three UCITS III 130/30 accounts, which are expected to be funded late in the third quarter with initial assets of approximately $3bn (€1.9bn).
Noam Gottesman, GLG’s co-chief executive, said: "We have had a close relationship with Banca Fideuram, which currently has $250m invested with GLG.” Tommaso Corcos, chief executive of the asset management division of Banca Fideuram, added that the new mandate will give its investors access to “hedge fund like flexibility”. The management fees charged for the 130/30 products will be set at institutional levels, the firms said.
Italian private bank Banca Fideuram currently manages some €65.5bn ($102bn) in total assets and publicly traded GLG managed over $24bn in assets as of the end of March.
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