GLG Profit Spikes As Firm Prepares For Public Life

Oct 25 2007 | 7:55am ET

Hedge fund GLG Partners gave potential investors something to think about with its first public earnings announcement. The London firm said yesterday that net income soared 160% in the third quarter compared to the year-ago period. The firm, which is set to go public via a reverse merger early next month, earned US$46 million in the three months through September.

Investors poured US$1.8 billion in new money into the firm’s funds, leading to a sharp increase in management fees. GLG’s revenues rose 80% to US$103 million in the third quarter. The firm’s assets—which rose to $20.5 billion—also got a boost from positive investment performance: Its alternatives products generated an 11.3% net return in the first nine months of the year.

“Although our dollar-weighted performance was just flat on average for all our funds in the quarter, we saw particular strength in our emerging markets business,” Noam Gottesman, co-founder, said. He added that the firm expects to register with the U.S. Securities and Exchange Commission by the end of the year.

Assets are set to rise by another US$805 million after the reverse merger is completed on Nov. 2, as current GLG shareholders plan to invest part of the proceeds in the firm’s funds.

GLG shares are expected to begin trading on the New York Stock Exchange on Nov. 5.


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.