Ex-GLG stars poach Man Group colleagues ahead of new fund launch
APQ Partners, the emerging markets hedge fund set up by ex-GLG Partners traders Bart Turtelboom and Karim Abdel-Motaal, has been assembling its investment team from Man Group veterans ahead of its launch.
Its maiden fund, Alexandria, is one of the most hotly-anticipated hedge fund launches of 2013 and is set to raise up to $500m.
Turtelboom and Abdel-Motaal left Man Group after the management shake-up in January, which affected the firm’s GLG division. They took over GLG’s emerging markets fund when “super-star” manager Greg Coffey – who retired in October with a personal fortune of £430m – left for Moore Capital Manager in late 2008. The $1.5bn fund returned 9% annually during their time at the helm.
The pair have been successful in persuading a number of their old GLG team across with them. Wim Vandenhoek has joined as a portfolio manager, while Lennart Kaltenbach and Tel Sandhu, both part of GLG’s emerging markets investment team, have also been swayed across, according to new filings on the UK’s Companies House.
Maria O’Connor, who worked as a consultant focusing on product development and fund restructuring at Man Group, has also joined APQ Partners, as has Sohil Shah, who was formerly with Finnisterre Capital.
Man Group has been reluctant to pare back its GLG division despite cutting jobs elsewhere. In fact, it’s made some key appointments this year including Sudi Mariappa to lead its fixed income unit, Jamil Baz to head up its macro strategy and Kumaran Damodaran as an emerging markets portfolio manager.
APQ’s first fund is expected to launch in the second quarter of 2013.