GLG Partners said its revenue and fee earnings fell by more than half in the third quarter even as assets under management began to climb.

The London-based, New York-listed hedge fund firm posted a lower quarterly loss than a year ago, but that was mostly to do with lower charges, especially those related to its reverse-merger initial public offering two years ago. But while its overall loss fell from $162.7 million to $114.6 million, its loss excluding those charges was 2 cents per share. Analysts had expected a 1 cent profit; in the third quarter last year, it posted a 7 cent profit excluding those charges.

GLG’s revenue dropped 53% to $48.2 million as management fees fell 52%. On the bright side, the firm enjoyed $216 million in net inflows and saw its assets under management rise 13% from the second quarter to $21.63 billion.