GLG Accounting Change Wipes Out ’06, ’07 Profits

Apr 15 2008 | 1:59pm ET

GLG Partners, the London hedge fund giant that went public last year, has restated its earning for the past two years, wiping out some US$450 million in profit.

The firm, which went public via a reverse mortgage in the fall, said last year’s US$92.6 million profit was actually a US$310.5 million loss, it revealed in a regulatory filing today. It also corrected 2006’s reported US$359.3 million profit down to US$157.9 million.

The New York Stock Exchange-listed firm blamed the restatement on a change in how distributions to limited partners are accounted for.

In the same filing, GLG revealed that Greg Coffey, who manages four of its hedge funds, resigned yesterday, only to have a change of heart today. The firm said he “withdrew his resignation,” and the two sides are now “in discussions concerning a range of options for the future.”


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of