GLG Partners Backs Launch of Oil Production Company
|July 27th, 2009||
|GLG Partners, the London-based alternative asset manager, announced that it will seed a new oil venture that will buy and manage oil assets around the world, according to Telegraph. The new company, Lothian, is aiming to achieve a market value close to $500 million and is hoping to launch an IPO on the London Stock Exchange later this year.|
GLG is currently in the process of building Lothian’s management team which will boast high profile executives and former executives from the oil industry. Telegraph reports that this deal marks GLG’s first foray outside of investment management.
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