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’[SFTW] Salmond is on the hook
Alex Salmond looks smug as a bug right now. His popularity in the Scottish polls is approaching that of Nicolai Ceausescu when he was running Romania. He should be careful what he wishes for. His pick’n'mix approach to Scottish independence plays straight to the xenophobic basic instinct of the complaining Scot,
Man alive!
The price action in the eponymous hedge fund manager.
That follows a shocking second quarter trading update that rightly or wrongly is bound to raise questions about the acquisition of GLG. But before we come to that,
The hot money speaks on emerging markets
Efforts by emerging market governments and central banks to shut out hot money to protect their economies are doomed to fail – or so says the hot money.
Bart Turtelboom and Karim Abdel-Motaal, who run the emerging markets hedge fund at GLG,
Man overboard?
Hedge fund manager Man Group was one of the best performers on the London stock market last week.
Its shares rose 15.5 per cent, against a 1.65 per cent gain for the FTSE 100:
The gains were fueled by further spurious bid speculation and the continued strong performance of AHL Diversified,
GLG lurches down a potholed Memory Lane
Remember the heady days of GLG Partners’ US listing back in 2007 when the UK-based fund achieved a stock market valuation of $3.4bn?
Here’s a Lex note from the time;
By folding itself into a US shell company,
One giant leap for ManGLGed (Group) Part II
(We have updated the header with the new name for Man/GLG and there’s added comment).
Shares in Man Group are the biggest faller in the FTSE on Monday morning, as investors digest its transformational deal – the acquisition of GLG Partners for $1.6bn.
One giant leap for Man (Group)
Man Group has made a bold move to diversify its business — it’s buying GLG Partners for $1.6bn.
Via Reuters:
MAN GROUP PLC – VALUES THE FULLY DILUTED SHARE CAPITAL OF GLG AT APPROX $1.6 BLN
MAN GROUP PLC ACQUISITION EXPECTED TO BE EARNINGS ACCRETIVE IN THE FINANCIAL YR ENDING IN 2012
The deal is being structured as a cash offer — $4.50 a GLG share,
DE Shaw and other hedgies look to Asia
While hedge funds have been virtually stampeding out of Japan for the last few years, DE Shaw, the $24bn hedge fund founded by computer scientist David Shaw, is set to open offices in Tokyo as well as Shanghai,
GLG launches company debt fund
GLG Partners, one of London’s largest hedge funds, has launched a new fund to invest in the debt of troubled UK and European companies. The fund will be one of the most significant launches in London this year,
Analysts are ‘not created equal’, finds GLG
Analysts are “not created equal”, says Lex on Monday, picking up on Friday’s report by the FT’s Sam Jones (formerly of the FT Alphaville parish) about new research suggesting that broker stock picks can help investors outperform most mutual funds.
Alpha advertising
As asset management houses look to stay sharp, constantly improve and deliver the alpha investors require — Inalytics, the specialist manager evaluation firm, continues its in-depth analysis into the identification of manager skill with the launch of a new whitepaper unveiled today [Monday].
GLG loses another trader
GLG, the London-based New York-listed hedge fund, with more than $20bn under management, has lost another of its star traders.
Robert Donald, a trader who dealt with European Industrials and basic resources at the firm’s £1bn European Long/Short fund,
Evil commodities speculators in the dock
The CFTC hearings into the evil commodity speculators have got under way in Washington. Those testifying on Tuesday include:
Panel One: Jeff Sprecher, Intercontinental Exchange and Terry Duffy,
GLG goes physical
The news that London-based hedge fund GLG intends to seed an oil production company is interesting on many fronts. For one, as the FT reports, it marks a clear drive for diversification and expansion at a company that currently looks after some $18bn in hedge funds and long-only investments.
GLG to launch oil production venture
GLG Partners, one of the world’s largest hedge fund managers, is planning to launch an oil production venture to be listed in London in autumn. The venture, to be called Lothian, will be seeded by GLG and will use money raised through its flotation,
GLG owners agree to $1 salaries
The three founding partners of GLG Partners have agreed to have their salaries cut to $1 and waived their bonuses for the year as the embattled New York-listed hedge fund manager fights to retain assets,
GLG loses Vivendi appeal
GLG Partners has lost an appeal against a €1.5m ($1.9m) fine by the French markets watchdog for insider trading in Vivendi shares, in a blow to the UK hedge fund group. The ruling came amid a French investigation of GLG’s trading in shares of Infogrames Entertainment,
GLG saved by SocGen deal
GLG Partners, the London hedge fund, avoided breaching covenants on its $570m debt by cutting a deal with Société Générale, the French bank, figures showed Thursday. GLG agreed to buy SocGen Asset Management’s UK arm in December and immediately started managing $3bn of its assets,
GLG hires Pendragon founders
UK hedge fund GLG Partners is hiring the founders of smaller firm Pendragon Capital in a move that signals how the tricky markets are making it increasingly tough for small managers to go it alone, reports the WSJ.
Redemption central: The Tokyo Hedge-Fund Club parties on….
The casualties are mounting in the hedge fund industry where, with liquidations and redemption suspensions becoming the norm, an increasing number of investors feel they’re being slow-roasted on a financial spit fire.
GLG in red as outflows rise
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.
GLG restricts rush on key Coffey fund
GLG Partners, London’s second-biggest hedge fund, has limited withdrawals from its flagship emerging markets fund after news that star manager Greg Coffey was leaving prompted a rush for the door by investors.
Who shorted what (II)
Under the FSA’s new disclosure rules on short-selling, it was revealed Monday that Harbinger, the US fund which shorted subprime mortgage debt well before the credit crunch, had a net short position worth 3.29% of outstanding stock in HBOS,
Resignation casts shadow on GLG
The unexpected resignation of a star hedge fund manager, poor performance and the forced restatement of costs overshadowed GLG Partners’ Q1 results. Noam Gottesman, chairman and chief executive, said the group that listed in New York in November was “facing cross-currents near-term”.
Star fund manager to quit GLG
Greg Coffey, the star emerging markets fund manager at GLG Partners, will forfeit about $250m-worth of shares in order to leave the UK-based, New York-listed hedge fund and start his own fund. Coffey will stay until October under a hastily worked out plan following his unexpected resignation,
GLG negotiates with star fund manager
The top-performing fund manager at GLG Partners unexpectedly resigned this week with the intention of creating his own hedge fund, but is now in talks with the London hedge fund over “options” for the future,
GLG in talks to buy Tisbury
GLG Partners, Europe’s second-biggest hedge fund manager, is in talks to acquire Tisbury Capital in one of the first signs of consolidation in the sector since the crisis in the debt markets. GLG is understood to have approached its smaller rival just days after Tisbury shut its Boston-based US operations last month.
While GLG seeks new opportunities
GLG Partners, Europe’s second-biggest hedge fund manager, is seeking acquisitions after listing in New York last year. GLG, which on Wednesday reported better-than-expected Q4 growth, was looking to use the “currency”