GLG reports first-half losses despite asset inflows

Thu Aug 12, 2010

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New York-listed GLG Partners has reported a GAAP net loss for the second quarter ended June 30 of $74.6 million. The non-GAAP adjusted net loss was $3 million - reflecting some $12 million of expenses relating to the proposed $1.6 billion merger with the London-listed Man Group.

The second quarter loss takes GLG's first-half GAAP net loss for the year to $135.4 million - compared with a loss of $144.6 million in the first half of 2009 - and a non-GAAP net loss of $6.1 million for H1 2010 (compared with a profit of $90.6 million in H1 2009, which was boosted by an $85 million gain resulting from the retirement of debt)....

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