Thu, Oct 30, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

GLG revenues fall with performance, AUM down 3%

Monday, August 09, 2010
Opalesque Industry Update - GLG Highlights of 2Q2010:

- First half 2010 dollar-weighted average returns(1) of 3.8% for the alternative strategies, 2.1% for the 130/30 strategies and (4.2%) for the long only strategies, versus MSCI World Index return of (7.1%) and S&P 500 Index return of (6.9%) for the same period

- Net inflows of approximately $1.5 billion and $2.5 billion for Q2 2010 and the six months ended June 30, 2010, respectively

- Previously announced agreement to merge with Man Group plc - on track to close near the end of the third quarter 2010

- Non-GAAP adjusted net loss of $3.0 million, or $0.01 per non-GAAP weighted average fully diluted share, for Q2 2010 - reflects $12.0 million, or $0.04 per non-GAAP weighted average fully diluted share(2), of expenses related to the proposed merger with Man Group plc

GAAP net loss attributable to common stockholders of $74.6 million, or $0.32 per fully diluted share, for Q2 2010

GLG Partners, Inc. (NYSE: GLG) reported a GAAP net loss attributable to common stockholders for the quarter ended June 30, 2010 of $74.6 million, or $0.32 per fully diluted share. Non-GAAP adjusted net loss was $3.0 million, or $0.01 per non-GAAP weighted average fully diluted share, for the three months ended June 30, 2010, inclusive of $12.0 million, or $0.04 per non-GAAP weighted average fully diluted share(2), of expenses related to the proposed merger with Man Group plc.

"We continued to deliver for our investing clients in the first half of 2010 with our alternative strategies up 3.8% and many of our long only strategies well ahead of the leading market benchmarks," said Noam Gottesman, GLG Chairman and Co-Chief Executive. "Given our strong track record and platform, we are well positioned to benefit as the capital allocation cycle gains momentum. Our net AUM inflows have risen each quarter over the past year, culminating in net inflows of $1.0 billion in Q1 2010 and $1.5 billion in Q2 2010."

"It is our industry leading investment team and our established track record of delivering long-term performance across our broad platform of investment products which allows us to continue to attract investors," added Emmanuel Roman, Co-CEO of GLG. "Looking ahead, we expect to be positioned strongly with increased scale, broader distribution and an unwavering focus on investment performance for our clients."

Assets under Management Summary
GLG's total net assets under management ("AUM") as of June 30, 2010 were approximately $23.0 billion (net of assets invested from other GLG managed funds), down 3.0% from March 31, 2010, up 3.5% from December 31, 2009, and up 20.2% from June 30, 2009.

Positive net inflows of approximately $1.5 billion for the three months ended June 30, 2010 ($0.5 billion of which came from alternative strategies and $1.0 billion of which came from long only strategies) were offset by performance driven reductions in AUM during a period in which broad stock market indices such as the MSCI World and S&P 500 registered declines of 11.2% and 11.6%, respectively. The effect of currency translation related to the decline of the Euro and British Pound Sterling relative to the U.S. Dollar decreased net AUM by $725 million in the quarter ended June 30, 2010.

Positive net inflows of approximately $2.5 billion for the six months ended June 30, 2010 ($1.3 billion of which came from alternative strategies and $1.2 billion of which came from long only strategies) were partially offset by the effect of currency translation which decreased net AUM by roughly $1.5 billion in the first half of 2010. Performance reduced net AUM by approximately $0.2 billion for the six months ended June 30, 2010, a period in which broad stock market indices such as the MSCI World and S&P 500 registered declines of 7.1% and 6.9%, respectively.

GLG's total gross AUM (including assets invested from other GLG managed funds) was $24.9 billion as of June 30, 2010, down 3.6% from March 31, 2010, up 2.2% from December 31, 2009, and up 15.5% from June 30, 2009.

Source

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
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. Manager Profile - Seth Klarman: Lessons for retail and institutional investors[more]

    From Valuewalk.com: Seth Klarman is virtually unknown outside value circles, despite his impressive record and value of assets under management. On average Baupost has returned 19% p.a. despite holding a large portion of its assets in cash. During the financial crisis, Seth Klarman’s funds lost some

  2. North America - FATCA leads 75% of U.S. expats to consider dropping citizenship[more]

    From International-adviser.com: Nearly three quarters of American expats are considering the renouncement of their citizenship following July’s introduction of the “absurd” Foreign Account Tax Compliance Act (FATCA). The findings, which were revealed in a survey by deVere, come alongside the news th

  3. Goldman in talks to acquire IndexIQ[more]

    From Bloomberg.com: Can Goldman Sachs put ETF investors on a liquid diet? Goldman is in talks to acquire IndexIQ, Reuters has reported. Index IQ is a small exchange-traded-fund firm known mostly for products that replicate hedge fund strategies, called "liquid alternative" ETFs. While IndexIQ has 11

  4. Other Voices: CALPERS dilemma should be a warning to hedge funds wanting institutional investors[more]

    From Ian Hamilton, founder of IDS Group. A quick comment on the CALPERS’ disinvestment from the hedge fund market and the jitters it is causing. Pension Funds should not be sheep and follow CALPERS’ decision as the issues that CALPERS has with hedge fund investments are in many ways unique t

  5. Hedge funds fell 1.18% in September on Fed tightening and ECB loosening[more]

    Komfie Manalo, Opalesque Asia: Hedge funds fell 1.18% in September on Fed tightening and loosening of the European Central Bank’s policy on equity markets, according to the Barclay Hedge Fund Index co