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By Benedicte Gravrand, Opalesque London:
GLG's results for Q2-09
U.S.-listed asset manager GLG Partners, Inc. yesterday reported that its total net assets under management (AUM) as of 30-June-09 (Q2-09) were approximately $19.1bn, up 36% from Q1-09 and down 19% from Q2-08. GLG's total net AUM in Q1-09 were approximately $14bn, down 43% from Q1-08 ($24.6bn).
GLG suffered losses, heavy redemptions flows and staff departures last year. The list of Europe's biggest 50 hedge funds compiled Alpha Magazine in May-09 showed that GLG Partners, which was dropped from being the second biggest hedge fund in Europe to the eighth, had been hit the hardest with AUM falling 52% from $23.9bn in 2008 to $11.5bn in 2009 (Source).
Investment performance across the GLG franchise was strong, increasing net AUM by $1.8bn, and $1bn for H1-09.
However alternative strategies managed $10.4m in Q2-09 - approximately 53% less than the $22.4m managed in Q2-08.
Investment returns for GLG's alternative, long only and 130/30 strategies were 8.5%, 27.4% and 15.5% for Q2-09 respectively. The YTD returns through end-June were 13.3% for the alternatives, 16.2% for the long-only strategies and 12.0% for 130/30 strate...................... To view our full article Click here
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