GLG manager reshuffle continues as EM chiefs set to depart

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Following news GLG Partners recruited new members for its fixed income unit, the London-based investment firm has revealed two senior members of its emerging markets desk are due to depart.

Speaking to Citywire Global, a spokesman for GLG confirmed the co-heads of its emerging markets unit, Bart Turtelboom and Karim Abdel-Motaal, will leave the firm at the end of January.

This announcement follows the strengthening of GLG’s macro and fixed income teams with three new hires, which Citywire Global reported on Tuesday.

Turtelboom and Abdel-Motaal joined GLG in September 2008 in order to take over from the firm's departing former head of emerging markets Greg Coffey.

It is not yet known where Turtelboom and Abdel-Motaal are headed but industry reports suggest the duo may be branching out to set up their own hedge fund firm.

During their tenure, Turtelboom and Abdel-Motaal had overseen a number of emerging market portfolios in both long-only and the Alternative Ucits sectors.

The duo’s Dublin-domiciled strategy GLG MENA Equity was closed in December last year, as was the GLG Frontier Markets Equity fund.

The pair had also co-managed two absolute return strategies: the GLG EM Diversified Alternative fund, which was in the emerging markets equity including Asia sector, and a credit strategy, the GLG EM Currency & Fixed Income Alternative fund.

It is not yet known who will take over management of these funds or act as the new head of emerging markets on behalf of GLG.

Over the past three years the GLG EM Diversified Alternative fund lost 6.5%. This is while the average manager in the Citywire Alternative Ucits Emerging Markets Equity Including Asia sector returned 10.8%.

Meanwhile, the GLG EM Currency & Fixed Income Alternative fund returned 8.03% over the same three year period. This compares to a 17.41% return by the average manager in the Citywire Alternative Ucits Credit Strategies sector.