Sternbach joined Man GLG from Cheyne Capital this January. He is a mid-cap specialist and spent almost three years as lead manager of the Cheyne European mid-cap long/short strategies.
Prior to the role at Cheyne, Sternbach headed up European smaller companies investment at Gartmore Investment Management between 2002 and 2011.
The new UCITS compliant fund will be domiciled in Ireland and seek to provide ‘attractive’ risk-adjusted returns through long and short investments primarily in European companies with market caps of €500m to €10bn.
The strategy will be based on stock selection and active portfolio management driven by meeting management teams and ‘rigorous research.’
“The new strategy fits very well within the Man GLG investment framework and offers significant synergies with the European stock picking team and its sector specialists,” Sternbach said. “We believe the European mid-cap equity market segment has become an increasingly compelling asset class for stock pickers due to poor and worsening sell-side analyst coverage, which provides the potential for us to generate attractive risk-adjusted returns for investors.”
“Moni is a very experienced portfolio manager who has been investing in this segment of the European market since 2002,” said Man GLGs co-CEO Teun Johnston. “We believe that his expertise, combined with our robust infrastructure, will create a compelling proposition at a time when the asset class has become more inefficient and the wide dispersion of returns has created opportunities for stock pickers,” he added.
