Powe, who takes over management of the fund on 1 October replaces Sandy Rattray, CEO of Man AHL as manager of the fund.
GLG announced in May that Powe had joined the group as part of its plans to build out its long-only platform.
Powe joined GLG from Powe Capital Management which he founded in 2001 and will subsequently be wound up. At the time, GLG said that Powe would 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.
Teun Johnston, Co-CEO of Man GLG, said: “Building out our long-only platform is a central pillar of our growth strategy and Rory will play an important role in that as the manager of the GLG Continental Europe Fund. His rigorous approach and proven ability to generate alpha, combined with our infrastructure and resources, should create a compelling proposition and we look forward to seeing whatRory can deliver for investors in the coming months and years.”
According to GLG the £64m fund will continue to target above average long-term capital growth by investing, directly or indirectly, in European companies, but it said there will be changes to the Fund as part of the new strategy’s portfolio construction.
