London-headquartered Man GLG has taken on a US hedge fund manager and his team from RWC Partners and unveiled plans to set up a US long-short equity strategy.
Mike Corcell joined RWC Partners in 2009, forming a US equity team and managing the UK firm’s US long-short equity strategy.
RWC confirmed last week that Alex Robarts, Corcell’s “long-standing” co-portfolio manager of the RWC US Absolute Alpha fund, will also be leaving following a transition period and that the fund will continue to be managed afterwards by RWC Asset Management.
Corcell has also held roles at SAC Capital Advisors, where he managed a US long-short equity fund, and Threadneedle Investments (now known as Columbia Threadneedle Investments) where he launched and managed a US equity long-short fund.
As of the end of June, Man GLG had $33.5 billion (€30.6 billion) in assets under management, of which $15.1 billion is in alternatives.
RWC has assets of around $18 billion and earlier this year acquired the investment team of UK-based Agilis Investment Management to run a “diversified return” strategy.
Dan Mannix, chief executive at RWC Partners, said: “We thank Mike and Al for their contribution to RWC over the past ten years and the investors who have supported the fund during that time.”
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