Sunday, 26 April 2015
Last updated 1 day 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%.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…