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GLG Partners halts quarterly dividends to preserve capital

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GLG Partners, an alternative asset manager, has announced that its board of directors has determined not to continue paying a regular quarterly dividend on its common stock.

GLG Partners, an alternative asset manager, has announced that its board of directors has determined not to continue paying a regular quarterly dividend on its common stock.

Noam Gottesman, chairman and co-chief executive, says: ‘We have decided at this time that it is prudent to retain capital rather than continue paying a regular quarterly dividend. We see tremendous value in the added flexibility of retaining cash in the current environment.  Furthermore, we recently announced an agreement to acquire Société Générale Asset Management UK and will continue to seek similar opportunities for us to grow and broaden our business as we move into 2009.’ 

The board of directors of GLG will consider re-establishing the regular quarterly dividend as well as the payment of a special dividend as and when it determines appropriate in the future.

As of 30 September 2008, GLG managed net assets under management of over USD17bn.

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