GLG, the UK-based hedge fund, unveiled losses for the first half after accounting for non-cash expenses and a drop in performance fees. The group, which listed in New York last November, reported losses of $307.7m for the six months to June against profits of $138.5m in the first half of 2007. Q2 losses reached $85.5m on a drop of 55% in revenues to $188m against a year ago. Assets under management rose 27% in the first half against last year, but remained static at about $24bn in the six months from December to June. Since Greg Coffey, the fund’s star manager, announced his departure in April, GLG has had requests to redeem about $2.2bn from his emerging market funds. The group expects another $2bn to drain out of Coffey’s funds in coming months although it appointed two senior traders from Morgan Stanley to replace him
