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
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
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...