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By Benedicte Gravrand, Opalesque London:
The issue of listed asset management companies was raised at the latest Opalesque roundtable that took place in London in September. Indeed, among the nine managers present, two were from listed companies (BlackRock and GLG), and two manage listed funds (CQS and Gottex).
Emmanuel Roman, co-CEO at GLG Partners, a London-based hedge fund with a U.S.-listed subsidiary, said that in the money management business, the only thing which matters is performance: “there are great money management firms which are public… and there are great firms which are private and function just as well.”
Looking at Alpha Magazine’s list of the ten biggest hedge funds in the world, which managed a combined $264bn at the start of 2009 (down nearly 12% from year-end 2007), only half of them - namely JPMorgan, Brevan Howard, Man, Och-Ziff and Goldman Sachs - are either listed or have listed funds. The others – Bridgewater, Paulson & Co, D.E. Shaw, Soros, Farallon, and Renaissance Technologies – are independent.
In the summer of 2007, London-based GLG Partners went public in the U.S. by selling itself in a reverse takeover deal (see our Oct-07 special report on hedge fund IPOS here).
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