Key Takeaways
- • Man GLG has recruited Mike Corcell from RWC Partners to establish a US long-short equity strategy, directly challenging Artemis as the dominant player in a constrained retail absolute return market.
- • Corcell brings 20+ years of portfolio management experience, including 16 years in US equity long-short strategies, with prior roles at SAC Capital (Steve Cohen's firm) and Threadneedle, plus established leadership of RWC's US equity team since 2009.
- • The US absolute return market is highly concentrated with only Artemis and RWC as meaningful competitors for retail capital, making Man GLG's entry potentially additive to limited product availability in this space.
- • RWC's US long-short fund has historically demonstrated higher volatility and net exposure than Artemis's offering, positioning Man GLG's launch as an alternative risk/return profile for investors seeking lower-beta absolute return exposure.
- • Artemis faces near-term competitive headwinds including the departure of Stephen Moore from its US team, though its established market reputation and flagship Artemis US Absolute Return fund remain the benchmark for new entrants.
Summary
Man GLG has secured a significant competitive advantage in the limited UK retail absolute return space by poaching Mike Corcell from RWC Partners to lead development of a new US long-short equity strategy. The hire represents a direct challenge to Artemis, which has maintained dominant market position in US long-short strategies available to retail investors. Corcell will be joined by his existing team in due course, signaling Man GLG's commitment to building institutional-grade capabilities in this underserved segment.
Corcell's credentials position him as a seasoned operator in the space. Over his career spanning more than 20 years as a portfolio manager, he accumulated 16 years of specific expertise in US equity long-short investing. His most recent role at RWC Partners involved portfolio management oversight of the firm's US long-short equity strategy and establishment of the US equity team in 2009. Prior to RWC, Corcell worked at SAC Capital under Steve Cohen, where he managed a US long-short equity fund, and earlier held positions at Threadneedle.
The UK market for US absolute return strategies remains tightly constrained, with only Artemis and RWC previously offering meaningful options to retail investors. According to AJ Bell's head of active portfolios Ryan Hughes, Man GLG's entry "will be additive to that" limited landscape. However, the competitive positioning differs materially between incumbents: RWC's US long-short fund has demonstrated considerably higher volatility and net exposure than Artemis's equivalent, delivering a more aggressive risk profile that appeals to investors willing to accept less stable returns for potential alpha generation. Hughes noted that some investors may prefer the "smoother ride" offered by Artemis's approach.
Artemis currently holds competitive advantage through both track record and team reputation, with its US Absolute Return fund regarded as the benchmark offering by market participants. However, near-term headwinds emerge from Stephen Moore's departure from the Artemis US team, which Tilney managing director Jason Hollands and others noted could create challenges for Man GLG in establishing brand differentiation. Market conditions may provide tailwinds for the new launch; early-stage volatility in US equities could drive capital allocation toward lower-beta absolute return vehicles from investors reassessing concentrated long equity exposure.
Corcell's credentials position him as a seasoned operator in the space. Over his career spanning more than 20 years as a portfolio manager, he accumulated 16 years of specific expertise in US equity long-short investing. His most recent role at RWC Partners involved portfolio management oversight of the firm's US long-short equity strategy and establishment of the US equity team in 2009. Prior to RWC, Corcell worked at SAC Capital under Steve Cohen, where he managed a US long-short equity fund, and earlier held positions at Threadneedle.
The UK market for US absolute return strategies remains tightly constrained, with only Artemis and RWC previously offering meaningful options to retail investors. According to AJ Bell's head of active portfolios Ryan Hughes, Man GLG's entry "will be additive to that" limited landscape. However, the competitive positioning differs materially between incumbents: RWC's US long-short fund has demonstrated considerably higher volatility and net exposure than Artemis's equivalent, delivering a more aggressive risk profile that appeals to investors willing to accept less stable returns for potential alpha generation. Hughes noted that some investors may prefer the "smoother ride" offered by Artemis's approach.
Artemis currently holds competitive advantage through both track record and team reputation, with its US Absolute Return fund regarded as the benchmark offering by market participants. However, near-term headwinds emerge from Stephen Moore's departure from the Artemis US team, which Tilney managing director Jason Hollands and others noted could create challenges for Man GLG in establishing brand differentiation. Market conditions may provide tailwinds for the new launch; early-stage volatility in US equities could drive capital allocation toward lower-beta absolute return vehicles from investors reassessing concentrated long equity exposure.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.