London hedge fund gets summer trim

GLG's European Long-Short, with more than $2 billion in assets, lost 4.4% in value during the first 10 days Of August. The fund, which was launched in 2000, had increased 13.7% from January until the end of last month, compared to a 4% increase in the MSCI Europe Index, according to the Financial Times. However, the fund fell this month in line with several long-short hedge funds in the United Kingdom and the United States in the wake of worldwide market turmoil. GLG is one of Europe's largest hedge fund groups, with $18.6 billion net funds under management in June across several strategies. The asset manager reported a 38% increase in assets under management this month compared to June of last year. A previous version of the article said that GLG lost more than $2 billion. In fact, the fund has more than $2 billion in assets.