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GLG Partners reports AUM up 6.7% to $23.7bn, net revenues of $53.7m, GAAP net loss of $60.8m for Q1

Thursday, May 06, 2010
Opalesque Industry Updates - GLG Partners, Inc. today reported a GAAP net loss attributable to common stockholders for the quarter ended March 31, 2010 of $60.8 million, or $0.27 per fully diluted share. Non-GAAP adjusted net loss was $3.1 million, or $0.01 per non-GAAP weighted average fully diluted share, for the three months ended March 31, 2010.

Highlights

  • First quarter 2010 dollar-weighted average returns of 5.3% for the alternative strategies, 6.2% for the 130/30 strategies and 6.1% for the long only strategies; April 2010 dollar-weighted average returns1 of 1.5% for the alternative strategies, 1.6% for the 130/30 strategies and (0.1%) for the long only strategies
  • Net AUM of $23.7 billion as of March 31, 2010, up 6.7% sequentially from December 31, 2009, reflecting net inflows of $954 million and $1.3 billion of performance gains, offset by negative currency translation impact of $753 million
  • Non-GAAP adjusted net loss of $3.1 million, or $0.01 per non-GAAP weighted average fully diluted share, for Q1 2010

"I am pleased to report another quarter of strong investment returns for our clients," said Noam Gottesman, Chairman and Co-CEO of GLG. "This strong investment performance combined with a broadening interest in GLG's fund and managed account products are leading to accelerated net inflows."

"We are well positioned as net inflows begin to return to global and alternative asset managers, in particular into new areas such as our UCITS III products which have seen strong interest," commented Emmanuel Roman, Co-CEO. "Our platform is robust, global and transparent with a wide range of performance-oriented investment products. Moreover, given our existing base of professionals and the investments we have continued to make in infrastructure and risk management systems, we expect to see significant operating leverage as our asset base grows."

Table 1: Financial Highlights




(US$ in millions except per share amounts)











Q1 2010 Q1 2009 YoY Q4 2009 QoQ
Closing net assets under management (AUM) 23668 14031 69.00% 22175 7.00%
Net revenues 53.7 51.7 4.00% 114.8 (53%)
GAAP net (loss) attributable to common stockholders -60.8 -120.3 (49%) -75.3 (19%)
GAAP fully diluted EPS -0.27 -0.55 (51%) -0.33 (18%)
Non-GAAP adjusted net (loss) / income -3.1 5.3 (157%) -4.3 (29%)
Non-GAAP adjusted net (loss) / income per non-GAAP weighted average fully diluted share(2) -0.01 0.02 (158%) -0.01 -

(2) Shares associated with the convertible notes have been excluded from the non-GAAP weighted average fully diluted share count for Q1 2010 and Q4 2009 due to their anti-dilutive impact and no convertible note interest was added back to non-GAAP adjusted net loss for the periods.

GLG's GAAP results include certain significant and largely non-cash expenses associated with its reverse acquisition transaction with Freedom Acquisition Holdings in November 2007. GLG's management assesses the underlying performance of its business based on certain non-GAAP metrics which exclude expenses associated with the Freedom acquisition. These metrics are discussed in detail under "Non-GAAP Financial Measures".

Assets Under Management Summary

GLG's total net assets under management ("AUM") as of March 31, 2010 were approximately $23.7 billion (net of assets invested from other GLG managed funds), up 6.7% from December 31, 2009 and up 68.7% from March 31, 2009.

The increase in net AUM during the three months ended March 31, 2010 was due to net inflows of $954 million, mostly reflecting interest in GLG's alternative strategies, including UCITS III and 130/30 products, and performance gains across the GLG franchise of $1.3 billion. The effect of currency translation decreased net AUM by $753 million in the quarter ended March 31, 2010. (See Table 2 for a net AUM roll forward and Table 3 for investment performance by strategy.)

GLG's total gross AUM (including assets invested from other GLG managed funds) was $25.8 billion as of March 31, 2010, up 6.1% from December 31, 2009 and up 67.6% from March 31, 2009.

Investment Performance






GLG dollar-weighted average returns Q1 2010 April 2010 (est.) YTD (est.)
Alternative strategies 5.30% 1.50% 6.90%
Long only strategies 6.10% (0.1%) 5.90%
130/30 strategies 6.20% 1.60% 8.00%




MSCI World Index 4.70% 0.30% 4.90%
S&P 500 Index 5.20% 1.50% 6.90%

Full press release: Source

- FG

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