GLG Partners

Layoffs Watch ’13: Man Group

The hedge fund formerly known as GLG Partners is setting aside a few more pounds to print a few more pink slips.

Man Group, the world’s second-largest hedge fund, has revealed an additional $90m in restructuring charges, with $30m set aside to dismiss staff over the course of the next three months – drawing out an already long and painful series of cutbacks.

On the bright side, for the first time in the Manny Roman era, investors are entrusting more money to Man than they are redeeming from it. Which is progress. Read more »

It seems that as prosecutors and the Securities and Exchange Commission were circling, someone drawn to the “veritable magnet for market cheaters” was hot for some edge, black or otherwise, about Apple iPhone sales. Read more »

The formerly prominent hedge fund got more than an entirely new executive team from its reverse-merger with GLG: It got a shiny award proving that the whole company isn’t totally useless. Read more »

GLG Partners has completed its takeover of the Man Group from within, two years after Man paid $1.6 billion for the pleasure of sinking into irrelevance. Read more »

From the mailbag:

FYI, in the aftermath of the GLG buy, things are not good inside Man Group.

Read more »

  • 05 Nov 2008 at 2:05 PM

GLG Partners Halts Withdrawals

These are getting boring to report, frankly. GLG partners joins the leagues of hedge funds exercising their withdraw restrictions.

GLG Partners Inc. said it will suspend redemptions from two of its hedge funds because of “adverse economic” conditions after they lost about a third of their value this year. GLG will stop investors from making withdrawals from the GLG Market Neutral Fund and GLG Credit Fund, it said in a statement today. The Credit Fund dropped 35 percent and Market Neutral 29 percent through Sept. 30, and they suffered further losses in October as convertible bonds and loans slumped.

Yawn.
GLG Freezes 2 Hedge Funds That Lost Third of Value [Bloomberg]

GLG Partners, the London-based hedge fund that’s seen what it would rather you not characterize as an ‘exodus’ of personnel over the last month, said it “hopes” to retain a modicum of assets from the emerging markets funds run by Greg Coffey, who resigned in April, and then withdrew his resignation, and then reinstated it. At the start of the year the value of Coffey’s funds was at about $7.2 billion, before dropping to $6.3 due to investment losses. Noam Gottesman, the co-chief executive of GLG who has been known to say out loud that his former employees cease to exist once they abandon him, commented, surprisingly lucidly and suspiciously calmly that the firm has received $1.7 billion in redemption requests so far, and that the worst case scenario will leave them with about $2 billion. “Obviously,” we’re sure he wanted to say but didn’t, choosing instead to give off an impression of sanity, “it’s not going to come to that, once investors get wind of this.”