GLG Ore Hill Raises $200 Million for Credit Mandate

NEW YORK, Oct. 4, 2011 /PRNewswire/ -- GLG Ore Hill LLC, a credit-focused, event-driven hedge fund and structured product manager based in New York, announced that it has raised $200 million for a large institutional client's credit mandate. As of September 1, 2011, GLG Ore Hill has $1.7 billion in funds under management which is comprised of institutional assets. GLG Ore Hill invests across the capital structure of highly leveraged companies using a multi-strategy approach and invests opportunistically in event-driven and special situations in distressed, stressed and non-distressed companies. Ben Nickoll and Frederick "Fritz" Wahl are principal officers and the portfolio managers.

"We believe the conditions for high yield investing have improved significantly," said Mr. Nickoll. "The recent surge in yields for higher quality, below investment grade bonds and loans, along with the steep drop in treasury yields, puts high yield securities at an unusually large multiple to the risk free rate." Combined with the benign default scenario for the next two to three years, we believe that high yield bonds and loans begin to look attractive in comparison to many other asset classes."

Since the completion of Man's acquisition of the remaining 50% of Ore Hill LLC earlier this year, GLG Ore Hill's operations have been integrated into and are now managed as part of the GLG Credit Platform. This platform boasts 13 credit products, in both hedge fund strategies and long-only strategies, with AUM approximately $7.4 billion(1). The GLG credit platform covers the spectrum of bond asset classes from sovereign debt through liquid, tradable distressed debt and includes more than 25 investment professionals.

About Man

Man is a world-leading alternative investment management business with assets under management of $65 billion(1). It has expertise in a wide range of liquid investment styles including managed futures, equity, credit and convertibles, emerging markets, global macro and multi-manager, combined with powerful product structuring, distribution and client service capabilities.

Man was founded in 1783. Today, Man Group plc is listed on the London Stock Exchange and is a member of the FTSE 100 Index with a market capitalization of around $7.0 billion(1).

Man Group is a member of the Dow Jones Sustainability World Index and the FTSE4Good Index. Man also supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes. Further information can be found at www.mangroupplc.com.

(1)  This represents unaudited final figures both onshore and offshore products which may not be available to US investors as of September 28, 2011.

About GLG Ore Hill

GLG Ore Hill is a credit-focused, event-driven investment manager founded in 2002. It actively invests across the entire capital structure of highly leveraged companies and seeks to uncover opportunity, often in situations driven by catalysts or events. GLG Ore Hill Partners LLC is a registered investment adviser with the United States Securities and Exchange Commission (SEC).

Important notes

GLG Ore Hill LLC ("GLG Ore Hill" or the "Investment Manager"), which is a member of Man Group. "Man Group" refers to the group of entities affiliated with Man Group plc. GLG Ore Hill is registered as an investment adviser with the U.S. Securities and Exchange Commission ("SEC"). The registration described in the preceding sentence in no way implies that the SEC has endorsed any of the referenced entities to provide any of the services discussed herein.

Any statements regarding market events, future events or other similar statements constitute only subjective views, are based upon expectations or beliefs, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond a Fund's control. Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these statements. In light of these risks and uncertainties, there can be no assurance that these statements are now or will prove to be accurate or complete in any way. No representation is made that a Fund's investment process or investment objectives will or are likely to be successful or achieved.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any securities related to the strategies discussed in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to any required registration or qualification in such state or jurisdiction. Investors should consider carefully information contained in an offering document before investing in any product related to the discussion in this press release. Investment value in any product will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Certain statements in this press release, such as those related to Man Group plc ("Man") and expansion of its product line constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of Man, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Among other risks and uncertainties is the ability of Man to successfully expand its product line.

SOURCE Man Group