GLG Loss Widens As Man Deal Nears Closing

Aug 9 2010 | 2:10pm ET

The second quarter, likely its next-to-last as an independent corporation, was not a good one for GLG Partners.

The London-based firm said its quarterly loss more than tripled in the three months ended June 30 to US$74.6 million. A year earlier, the loss was US$24.4 million.

Even excluding costs related to its initial public offering three years ago, GLG missed analysts’ expectations with a US$3 million operating loss in the second quarter. Last year, it enjoyed an US$85.3 million adjusted profit.

GLG, which is listed in New York, is expected to be acquired by the Man Group by the end of next month.

The firm’s revenue fell slightly, dropping to US$77.2 million from US$86.1 million. Performance fees were off 41% at US$22.4 million, while other fees rose 30% to US$54.5 million. Assets under management rose 20% to US$22.96 billion.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Often seen as a passion project, or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment.