GLG to close bond fund trio after Isaac exit

GLG is closing three of its bond funds later in the year, following the departure of manager Gareth Isaac, who has left for Schroders.

The GLG Gilt fund, GLG Core Plus Sterling Bond fund and the GLG Total Return Bond fund will be managed by Christophe Akel in the interim period until they are closed.

Richard Phillips, head of UK retail at Man Group, of which GLG is a subsidiary, said the closure is due to the ‘sub-scale’ nature of the funds.

He added investors in all three of the products will be offered the option of switching into alternative funds within the group’s UK ICVC range, without incurring a charge.

Schroders announced this morning Isaac has joined as a senior portfolio manager within its fixed income multi-sector team.

He will be working at Schroders from October on high conviction mandates.

Prior to GLG Partners, he worked as a senior fixed income fund manager at SG Asset Management on the SG Core and SG Total Return Bond funds.