CORRECTED-UPDATE 1-Man GLG macro hedge fund lost 9 pct in Jan, to shut - sources

(Corrects paragraph eight to show COMAC Capital is returningexternal capital and not shutting fund)

By Nishant Kumar

LONDON, Feb 10 (Reuters) - A macro hedge fund managed by theGLG unit of Man Group lost 9 percent in January and isclosing, sources said.

The performance contrasts with gains in the group's hedgefunds which use computer programs to drive their investmentdecisions. The $4.4 billion AHL Diversified fund gained 7.2percent last month, while the $4 billion AHL Evolution fundreturned 7.7 percent, according to data seen by Reuters.

The decision follows a torrid month for many macro hedgefunds who were caught out by the Swiss franc rise during themonth after a surprise decision by the Swiss National Bank toremove a cap on the currency.

The GLG Atlas Macro fund manages about $70 million, downfrom peak assets of about $600 million in 2012, and is one ofthe smallest hedge funds under the GLG unit, which managed $32.2billion at the end of September last year.

The remainder of the fund's assets will be merged into theMan GLG Multi-Strategy Fund, which manages about $1 billion, oneof the sources said.

Macro hedge funds, which focus on major economic trends andbet on assets such as stocks, currencies, bonds, commodities andindices, gained 2.35 percent last month, data from industrytracker Eurekahedge showed.

A spokeswoman for Man Group declined to comment.

GLG Atlas Macro fund joins the likes of COMAC Capital, whichis returning external clients' capital after a loss in January,and Everest Capital which shut a fund, following nearly fouryears of mediocre performance by macro hedge funds globally.

Others such as the $750 million Harness Macro CurrencyStrategy, a hedge fund started by former Fortress InvestmentGroup portfolio manager Philippe Peress, lost 8.8 percent inJanuary, while the Fortress Macro Fund lost about 7 percent. (Reporting by Nishant Kumar; Editing by Carolyn Cohn and LouiseHeavens)

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