Sat, Aug 2, 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. Opalesque Exclusive: Kyria Capital Management bets on women hedge fund managers[more]

    Bailey McCann, Opalesque New York: As hedge fund assets top $3 trillion, and long/short strategies get more crowded than ever, with every manager hunting for even the tiniest bit of alpha, a new firm has emerged that claims its own edge – women. A recent Rothstein Kass study showed women-owned a

  2. Opalesque Exclusive: Q2, H1 end positively for hedge fund performance[more]

    Bailey McCann, Opalesque New York: New hedge fund monitor data from Citi Prime Finance shows that overall, hedge funds ended the month of June and the first half of the year positively. Composite hedge fund performance, equal-weighted across funds, ranged from +0.93% to +1.73%. June-14 performa

  3. Many CTAs have become more short-volatility in the last five years[more]

    Benedicte Gravrand, Opalesque Geneva: Quantitative easing has reduced and then suppressed volatility for the last five years. So analysts at R.G. Niederhoffer Capital Management recently examined if there had been a tendency for CTAs and hedge funds to adjust their styles to become more 'shor

  4. Other Voices: Event driven strategy outlook: Broader focus required[more]

    This article was authored by Alex Gavrish, founder and CEO of Etalon Investment Research, and author of "Wall Street Back To Basics."

  5. Other Voices: Not so easy to replicate activist hedge funds and achieve similar performance[more]

    This article was authored by Alex Gavrish, founder and CEO of Etalon Investment Research, and author of "Wall Street Back To Basics." With the amount of activist investments on the rise during the last few years, more and more media at