GLG’s Alternative Strategy AUM Fall by $13.5 billion
|May 12th, 2009||
|GLG Partners released its first quarter earnings yesterday, revealing that the firm’s assets under management have fallen from $24,646 million on 3/31/08 to $14,031 million as of 3/31/09. Over the same period, GLG’s “Alternative Strategy” funds precipitously dropped from $19,267million to just $5,709 million. The $13,558 drop in strategy assets can be attributed to poor performance and a wave of investor withdrawals following the loss of the firm’s star trader, Greg Coffey, to Moore Capital Management. |
On a slightly positive note, the firm’s managed accounts business jumped from $2,385 million to $6,352 million. This jump is due to the recent acquisition of Société Générale Asset Management UK. Over the first quarter of 2009, the firm posted a loss off $120.3 million, which is 47% less than the $226.3 million the firm lost during the first quarter of 2008.
See Press Release
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