GLG Partners, the hedge fund manager, is planning to launch an oil production venture that will be listed on the London Stock Exchange in autumn, according to sources close to the hedge fund.The venture, to be called Lothian, will be seeded by GLG and will use money raised through its flotation, expected to be about $500m, to make strategic investments in oil production assets around the world.
The move is the latest in a drive for expansion and diversification at GLG beyond its core hedge fund business and another step in the firmâ??s efforts to ground itself as an investment institution.
