Mon, Jul 28, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Top three executives at GLG restore base salaries and bonus rights after year of strong performance

Thursday, January 07, 2010

amb
From the Opalesque team:

GLG Partners executives Noam Gottesman, Emmanuel Roman, and Pierre Lagrange have restored their salaries to their former levels, after agreeing to a one-year cut that took their individual paydays down to $1 and halted any bonus payments during 2009.

According to the SEC filing, the salaries were restored pursuant to the terms of employment agreements, which will give each executive a salary of $1m and additionally restore bonus claims.

One change documented in the filings was the shifting of payments to Gottesman, who will receive at least $600k from the New York-based corporation GLG Partners Inc, and only $200k from the London-based GLG Partners LP.

2009 performance for the firm was strong, with GLG being touted as one of the years many “comeback kids”. The Telegraph in the UK reported returns for the market neutral fund were up 77.8%, the emerging markets fund up 20.8% and the Alpha Select fund up 20.8% (all through month-end November).

At the time of the salary cut in April 2009, the directors were all reported to be substantial shareholders in the public company, hoping that recovery of share prices, which were hard hit in 2008, would be rewarded by the 2009 performance. Share prices closed on Wednesday at $3.45, higher than their close a year earlier at $3.30, but lower than their 2009 height of $4.61. – KB

Emmanuel Roman participated in the Opalesque 2009 London Roundtable. To access the Roundtable re......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  3. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  4. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  5. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag