GLG: No Counterparty Exposure to Merrill, Lehman, AIG

Sep 17 2008 | 12:10pm ET

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.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR