Hedge fund GLG backs oil venture with eye for London listing

The hedge fund, which has $18bn (£11bn) of assets under management, will be the cornerstone investor in the new company called Lothian which will buy oil assets around the world and manage them. The plan is for Lothian to have a market value of as much as $500m...

The deal marks GLG's first foray outside investment management.

One source close to the situation said the hedge fund, which is led by Noam Gottesman, Pierre Legrange and Emmanuel "Manny" Roman, started looking at investing in oil assets around the world. Instead of owning majority stakes in some of them, they decided to seed an operating company that could buy and manage the assets outright.

One insider said: "This is the first time GLG has seed funded an industrial company – and it won't be the last."