Thursday, 28 May 2015
Last updated 2 hours ago
Feb 19 2010 | 2:06pm ET
Assets under management at GLG Partners surged in the fourth quarter, as the London-based, New York-listed hedge fund firm cut its quarterly loss.
The firm posted a US$91.1 million net loss in the last three months of last year, down from US$141.4 million in the year-earlier period. The 33-cent-per share loss falls to just 1 cent per share when charges related to its reverse initial-public offering more than two years ago, better than the 2-cent loss expected by analysts.
GLG, which was battered by redemptions in 2008, also continued rebuilding its asset base in the fourth quarter. The firm saw its assets rise US$22.18 billion, up 2.5% from the third quarter and up 47% from the fourth quarter of 2009. Net inflows were down slightly from the year-earlier period to US$723 million, but up sharply from the US$216 million it took in during the third quarter.
All told, revenues soared 58% to US$114.8 million during the quarter, even though management fees dropped 11%. By contrast, performance fees rose 39%.
May 27 2015 | 2:15pm ET
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