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.

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