Wednesday, 1 October 2014
Last updated 1 hour ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...