GLG makes GAAP net loss of USD60.8m in Q1
GLG Partners has reported a GAAP net loss attributable to common stockholders for the quarter ended 31 March 2010 of USD60.8m, or USD0.27 per fully diluted share.
Non-GAAP adjusted net loss was USD3.1m, or USD0.01 per non-GAAP weighted average fully diluted share, for the three months ended 31 March 2010.
GLG recoded first quarter 2010 dollar-weighted average returns of 5.3 per cent for the alternative strategies, 6.2 per cent for the 130/30 strategies and 6.1 per cent for the long only strategies.
The April 2010 dollar-weighted average returns were 1.5 per cent for the alternative strategies, 1.6 per cent for the 130/30 strategies and -0.1 per cent for the long only strategies
Net assets under management were USD23.7bn as of 31 March 2010, up 6.7 per cent sequentially from 31 December 2009, reflecting net inflows of USD954m and USD1.3bn of performance gains, offset by negative currency translation impact of USD753m.
“I am pleased to report another quarter of strong investment returns for our clients,” says Noam Gottesman, chairman and co-chief executive of GLG. “This strong investment performance combined with a broadening interest in GLG’s fund and managed account products are leading to accelerated net inflows.”
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