Posts tagged 'GLG Partners'

Hedge fund bears win on eurozone crisis

Kate is FT AV’s Asia Correspondent. She joined FT Alphaville in mid-2011 after carrying out various roles in the FT’s London office since 2005: interactive editor, companies reporter, and founding editor of the FT’s Energy Source blog.

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| Oct 06 2011 04:14 | Comment |

Bearish hedge fund managers have reaped some of their biggest gains since the collapse of Lehman Brothers amid the market turmoil triggered by the eurozone debt crisis, the FT reports. Funds reaping big gains include Brevan Howard’s $24bn flagship fund, which has risen 7 per cent over the past two months, and Caxton Associates which has seen its $5bn main fund rise 6 per cent over the same period, according to investors. GLG’s $2bn Atlas Macro Fund, run by former Goldman Sachs star trader Driss Ben-Brahim and Jamil Baz, a former Pimco money manager, has meanwhile risen 16.6 per cent. Over the same period, the MSCI world equities index has dropped 7.5 per cent and the average hedge fund has lost 6 per cent, according to Hedge Fund Research.

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Snap news

Tracy Alloway used to be deputy editor of FT Alphaville. Here she learned the details of derivatives, the absurdities of accounting and the various structures of ... erm ... structured finance. She now covers big US banks for the FT paper, including Goldman Sachs and Morgan Stanley. She pops up on FT Alphaville every once in a while.

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| Jul 18 2011 07:49 | Comment |

Breaking pre-market news on Monday,

- Glencore to acquire 70 per cent stake in Mina Justa Project for $475m – statement. Read more

GLG to close fund amid fears on returns

| Apr 19 2011 04:52 | Comment |

GLG Partners is preparing to close one of its largest funds to new investors, amid growing concerns about the ability of supersize hedge fund portfolios to deliver strong returns. The London hedge fund’s market neutral fund will shut when it grows beyond $1bn – expected to be in the next few weeks – Steve Roth, the fund’s manager, has told the Financial Times. Read more

Man fails to stop outflows

| Sep 29 2010 05:04 | Comment |

Man Group suffered net client outflows for the eighth successive quarter, despite the strong performance of its flagship fund, reports the FT. The UK-based hedge fund manager said pre-tax profits in the six months to Sept 30 are expected to fall more than 55% to $135m, compared with $302m a year earlier. The update is broadly in line with analyst expectations. More than $75m has been written off from charges related to the divestiture of brokerage MF Global last year as well as costs from Man’s bid for rival hedge fund GLG Partners, expected to close in October. Lex notes that much, for Man, rests on a successful merger with GLG. Read more

Man funds see withdrawals

Paul Murphy is the founding editor of FT Alphaville.

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| Jul 08 2010 22:14 | Comment |

Volatile markets led institutional and private investors to withdraw almost $1bn from Man Group’s funds in the second quarter to June, the FT reports. But Peter Clarke, chief executive, pointed to the improved performance of the group’s flagship AHL fund, and to lower levels of redemptions by institutional investors, in the quarter. He also said that plans for the acquisition of rival GLG Partners were proceeding. Read more

GLG lurches down a potholed Memory Lane

| May 17 2010 12:27 | Comment |

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; Read more

One giant leap for ManGLGed (Group) Part II

| May 17 2010 09:26 | Comment |

Shares in Man Group were the biggest faller in the FTSE 100 on Monday morning, as investors digested its transformational deal to grab GLG, FT Alphaville adds. No doubt. Man Group is paying a good 6.75 per cent of GLG’s AUM. If Man doesn’t make this work, prepare for a big goodwill write off. Read more

One giant leap for Man (Group)

| May 17 2010 08:50 | Comment |

Man Group has made a bold move to diversify its business — it’s buying GLG Partners for $1.6bn, FT Alphaville writes. There are plenty of highlights to the deal – but one can’t help feeling Man was desperate to broaden its business beyond its key managed futures fund AHL, which has had a patchy record since markets bottomed last year. Read more

Presenting, the ‘physical loophole’

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Jul 29 2009 10:00 | Comment |

First there was the London loophole. Now, it appears, the development of another entirely new loophole is underway. Let’s call it the physical loophole.

From Intercontinental Exchange CEO Jeffrey Sprecher’s Tuesday testimony to the CFTC on the matter of position limits and the influence of speculators on the price of commodities: Read more

GLG snapshots

Tracy Alloway used to be deputy editor of FT Alphaville. Here she learned the details of derivatives, the absurdities of accounting and the various structures of ... erm ... structured finance. She now covers big US banks for the FT paper, including Goldman Sachs and Morgan Stanley. She pops up on FT Alphaville every once in a while.

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| Nov 11 2008 08:41 | Comment |

Swathes of red and negative inflows do not make for pretty postcards from GLG Partners’ third-quarter presentation:
GLG Presentation
More worrying, perhaps, is this slide – showing net inflows, or now, outflows, for the period:

GLG Presentation Read more

GLG chief expects third of hedge funds to close

Tracy Alloway used to be deputy editor of FT Alphaville. Here she learned the details of derivatives, the absurdities of accounting and the various structures of ... erm ... structured finance. She now covers big US banks for the FT paper, including Goldman Sachs and Morgan Stanley. She pops up on FT Alphaville every once in a while.

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| Oct 24 2008 04:11 | Comment |

The hedge fund industry will shrink by almost a third as tens of thousands of groups are forced out of business, Manny Roman, co-CEO of GLG Partners, said yesterday. Economist Nouriel Roubini said regulators may have to shut down markets for as long as two weeks to stem the flow of hedge funds liquidating assets and positions, Bloomberg reports. Read more

Over the hedge and into government

| Oct 07 2008 08:40 | Comment |

Hedge funds haven’t had much luck getting their message across to the public or the government over the past few weeks, being labelled “bank robbers” by an archbishop, no less.

Their lobbying power at the heart of government has taken a turn for the better thanks to the latest reshuffle, though. Peter Mandelson, Paul Myners and Sir John Bond, all called on in one role or another, all have close links to hedge funds. Read more

Price of honesty

FT Hedge Fund Correspondent

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| Sep 24 2008 11:00 | Comment |

Or: How to time material announcements, GLG edition.

Before shorting GLG stock was banned (16 Sep): Read more

Goldman star trader defects to GLG

| Jul 07 2008 03:53 | Comment |

One of Goldman Sachs’ top traders is leaving to join GLG Partners, London’s second biggest hedge fund which manages $24bn (£12bn), amid a wave of defections from the City to Mayfair-based fund managers. The arrival of Driss Ben-Brahim, a partner and head of the emerging markets trading business at Goldman, is one of the highest-profile hires by a hedge fund and will give New York-listed GLG a boost as its current star trader, Greg Coffey, is due to leave in October.  Read more

The Myners/Flowers/GLG/Virgin Rock clash

Paul Murphy is the founding editor of FT Alphaville.

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| Oct 26 2007 15:43 | Comment |

Virgin Money, the Branson offshoot which wants to buy Northern Rock, on Friday launched a green investment fund. The fund’s manager, GLG Partners, will only invest in companies with lighter than average environmental footprints as well as companies that provide, manufacture or own solutions to environmental problems.

That’s the same GLG that is currently short of Northern Rock to the tune of 13m shares – which presumably helps Virgin, since it has served to to depress Rock’s market price. (Have you noticed this, Philip Richards of RAB Capital?) Read more

UK follows US, spawning new hedge funds from older roots

| Jul 16 2007 08:48 | Comment |

UK hedge funds are following the US pattern as older, more established London hedge funds spawn second-generation funds, highlighting the limited supply of investment bankers willing or able to raise large sums, reports the FT on Monday.

Mr Turner’s move follows the setting up of two large funds by former senior hedge fund managers. Jabre Capital, created in Geneva by former GLG Partners star trader Philippe Jabre, now runs $4bn, while Talaris Capital, founded by Nicolas Andine from Gandhara Capital, has grown to $925m since starting trading in January, notes the report. Read more