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......................
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