UK hedge fund manager GLG Partners is entering the retail sector for the first time by teaming up with Virgin Money to launch a fund that will be available to the financial services company's customers.

GLG Partners is acting as lead adviser on the fund. Pierre Lagrange, GLG Partners co-founder is co-managing Climate Change Leaders Fund with asset manager Ben Funnell. It is based on a long-only strategy and will invest in environmentally responsible companies in all sectors in order to reduce volatility, according to Virgin spokesman Jason Wyer-Smith.