Don’t blame GLG Partners for wanting to distance itself from the bad news on Wall Street.

The publicly-traded alternatives shop said its funds have no counterparty risk exposure to either Merrill Lynch or AIG, and with respect to Lehman Brothers, the firm last week transferred substantially all of its remaining assets with the bankrupt firm to other prime brokers.

“The majority of these transfers have already settled and we expect the remainder to settle shortly,” the firm said. “We believe the residual exposure of the GLG Funds to Lehman will not be material.”

Lehman is also a shareholder in GLG, owning an approximately 13% stake. Its share is held by Lehman Limited, a Cayman Islands company, which is party to GLG's shareholder's agreement, the terms of which restrict the sale of any GLG shares until Nov. 2.

On that date, 25% of the total shares held by Lehman become free of the transfer restrictions. The remaining shares will be restricted until Nov. 2, 2009, when a further 25% becomes free, and Nov. 2, 2010, when all shares become free.