Following the announcement that fund managers Phil Pearson and Anthony Burton are to leave Man GLG, and the Man GLG Technology Equity fund is to be closed, we have given the fund a Not Ratable designation. The fund was previously rated Bronze. The Not Ratable designation reflects that the fund’s closure means it is no longer a viable investment proposition. The fund is due to close by the end of 2015, and investors will be given the opportunity to switch into other Man GLG funds free of charge. However, if existing investors want continued specific technology-focused equity exposure, they will need to sell their holdings and invest elsewhere. The firm has in place a dilution levy on redemptions greater than 10% of fund size in order to protect existing investors.
See the latest Morningstar fund rating news here.
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