London-based hedge fund giant Man Group has launched the Man GLG Multi-Strategy fund, the first combined UCITS fund to result from Man’s acquisition of GLG in 2010.

The open-ended fund, which offers daily dealing, has raised more than €100 million ($144 million) in commitments. It is designed to give both retail and institutional investors access to a portfolio of 10-15 Man-run UCITS funds, including strategies from Man-owned GLG and AHL, as well as Man Systematic Strategies, Man Convertibles and Ore Hill strategies.

The investment team, led by Luke Ellis, chief investment officer of Man’s multi-manager division, will actively allocate to the strategies and group them into three core portfolio components – equity long/short strategies (50-80 per cent), risk-seeking strategies (10-35 per cent) and diversifying strategies (5-25 per cent) – with risk capital allocated between them.

The launch follows that of IP 220 GLG in February, a structured product combining AHL and GLG discretionary strategies.