GLG Partners reported $19.1 billion in assets under management as of June 30, up 36% from three months earlier and down 19.3% from the previous year, according to the company’s earnings statement.
The company had performance gains totaling $1.8 billion in the second quarter, and currency gains totaling $1 billion.
Net inflows for the quarter of $2.2 billion reflect the addition of $2.6 billion of long-only assets from GLG’s acquisition of Societe Generale Asset Management U.K. in April. The firm had outflows of $413 million, of which $267 million was from redemptions from GLG’s alternatives strategies and $146 million came from GLG’s long-only strategies.
Aggregate performance in the second quarter of GLG’s long-only strategies returned 27.4% in the second quarter; 130/30, 15.5%; and alternative strategies, 8.5%.
The firm reported a GAAP net loss in the second quarter of $24.4 million, compared with a $120.3 million loss in the first quarter. The net loss was $144.6 million for the first half of the year. The losses, according to the earnings release, relate to non-cash expenses associated with GLG’s reverse acquisition transaction with Freedom Acquisition Holdings in November 2007.