Hedge fund GLG Partners experience further drop in assets, reports Reuters.
GLG Partners, London-based, New York-listed firm, informs that assets under management fell 13% during the fourth quarter to $15 billion, as small inflows were negated by large performance losses.
The drop in assets in 2008 as a whole was 39%.
“GLG was hit by a trinity of issues in 2008 — the departure of a major team, the Lehman bankruptcy and poor positioning,” says Noam Gottesman, chairman and co-chief executive. “The redemption cycle in the industry is not over, but hopefully it’s paused.”
L.D.