GLG reports net loss of USD319m for 2009
GLG Partners has reported a GAAP net loss attributable to common stockholders for the fourth quarter and full year ended 31 December 2009 of USD75.3m, or USD0.33 per fully diluted share, and USD319.0m, or USD1.45 per fully diluted share, respectively.
Net inflows were USD723m for Q4 2009, while net AUM was USD22.2bn as of 31 December 2009, up 2.5 per cent sequentially in Q4 2009 and 47.4 per cent year over year.
GLG had non-GAAP adjusted net income of -USD4.3m for Q4 2009 and USD81.2m for the full year 2009, or -USD0.01 and USD0.26 per non-GAAP weighted average fully diluted share, respectively.
The company’s 2009 dollar-weighted average returns were 28.1 per cent for the alternative strategies, 33.6 per cent for the 130/30 strategies and 29.6 per cent for the long only strategies.
“We delivered strong performance for our investing clients, achieving dollar-weighted average returns of 28 percent across our alternative strategies while our long only assets returned more than 29 percent, significantly ahead of the relevant benchmarks,” says Noam Gottesman, chairman and co-chief executive of GLG.
“We strengthened our extensive multi-strategy platform in terms of product breadth and distribution and not only retained but also added to our base of key investment professionals despite 2009 being a transitional year for the industry. Encouragingly, AUM flows at GLG have turned definitively positive over the past six months and looking forward, I am confident that GLG remains well-positioned to be a leading beneficiary as industry flows expand.”
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