GLG Partners today reported a net asset loss of $9.6 billion in 2008, ending the year with $15 billion, a 39% decline from the $24.6 billion managed by the alternatives specialist as of Dec. 31, 2007.
Assets dropped 13% in the fourth quarter from $17.3 billion as of Sept. 30, according to GLG’s earnings report. Most of the fourth-quarter decline was attributed to negative performance and was offset by $771 million of net inflows in the quarter, according to the report. GLG sustained a net earnings loss of $143 million in the fourth quarter and $630 million for 2008.
“We faced a difficult environment in 2008 on multiple fronts, but we were able to substantially deepen our base of investment talent and broaden our focus as a firm,” said Noam Gottesman, GLG chairman and co-CEO, in the report.
Och-Ziff Capital Management today also reported a $112 million net earnings loss for the fourth quarter and a $511 million loss for 2008. Net assets under management totaled $26.9 billion as of Dec. 31, down 13.7% from Sept. 30 and down 19.3% for the year.
Och-Ziff noted in its earnings report that it experienced redemptions in its hedge funds in December that totaled $4.9 billion that were paid Jan. 1, bringing net assets under management that day to $22 billion.
“Last year was one of the most difficult periods for the global financial markets and the alternative asset management industry, and our business was not immune to industrywide trends,” said Daniel Och, Och-Ziff’s chairman and CEO, in the earnings report.
