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

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note