Safety in numbers

20 January 2009 By Richard Beales Follow @richardbeales1

The USlisted fund group is absorbing the smaller eventdriven firm. Sure, the deal helps GLG rebuild assets after losses and redemptions. But more significantly, Pendragon may have seen the writing on the wall for smaller funds. The deal won t be the last of its kind.

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GLG Partners, the USlisted Londonbased hedge fund group, is hiring Kaveh Sheibani and Julian Harvey Wood, two of the founding partners of Pendragon Capital, and taking over the funds managed by Pendragon.

GLG reported assets under management of $17.3bn at the end of September 2008. In December, GLG agreed to buy Société Générale Asset Management UK, a longonly asset manager with $8.2bn of assets under management at the end of November 2008.

Pendragon once managed as much as $3bn, but lost about 40% in 2008 and suffered from investor withdrawals, according to news reports.

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