GLG results show sharp fall in assets and revenues

Fri Feb 13, 2009

GLG Partners, the London-based and New York-listed asset manager, has underlined the extent of the stress in the hedge fund industry in recent months with its latest public filing, which showed heavy declines in the firm’s assets and revenues.

The firm announced its fourth-quarter and full-year results for 2008 this week, and said net assets under management had tumbled to $15 billion at the end of December – down by 13% from their level at the end of September 2008 and by some 39% from their level of $24.6 billion at the end of December 2007.

Gross assets under management, the firm said, had fallen even faster, reaching $16.5 billion at yearend, a decline of 22% from the end of September and 43% from the $29 billion at the end of 2007.

Net revenues fell to $495 million for the full year, a year-on-year fall of 50%. Fourth-quarter...

ISSN: 2151-1845 / CDC10004H

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