Wednesday, 24 December 2014
Last updated 12 hours 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.