Powe joins the team from Powe Capital Management which he founded in 2001 and will subsequently be wound up.
According to GLG, Powe will manage a focused European long-only strategy for the group while continuing to manage the PCM Europe Fund that PCM launched in 2009 of which GLG will take over the management contract.
Powe will move with an assistant as well as PCM’s current COO, who will come on board for a fixed period during the transition.
Teun Johnston, Co-CEO of GLG, said in a press release: “Rory has an outstanding track record of generating alpha in European equities and he will be a great addition to our investment team as we continue to build out our long-only platform. Rory will manage assets with the same philosophy and methodology he did at PCM but with the benefit of GLG’s resources, strength, infrastructure and talent. We are excited to welcome him to the business.”
Before launching PCM, Powe was head of European equities at Invesco and was manager of the Invesco Perpetual European Growth fund between 1991 and 2001.
According to GLG, The PCM Europe Fund has returned 73.2% since inception against a FTSE World (Europe) return of 60.2%.