GLG Partners, a publicly traded asset manager in London and New York, expected equities-based strategies will be a particular focus this year as it recovers from a 39% decline in assets under management last year over 2007, Wealth Bulletin reports.
GLG’s posted $629.7 million (€492.5 million) in losses last year, a 103% decline over the previous 12 months. Assets under management fell to $15 billion for the 12 months through December compared to $24.6 billion at the end of 2007. Revenues for the year were halved to $495 million compared with 2007.
GLG had net inflows of $800 million in the fourth quarter last year. Investors received $1.3 billion in redemptions from its emerging markets platform, which Greg Coffey managed before leaving in May to become co-chief investment officer at Moore Capital Management.
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D.C.