GLG Partners' assets under management dropped 3% in the second quarter to $23 billion.
The decline was attributable to a performance loss of $1.5 billion in the three-month period ended June 30, which neutralized positive net inflows of $1.5 billion, and a decline of $725 million from currency impacts, according to a GLG news release.
For the first six months of 2010, GLG had net inflows of $2.5 billion, performance losses of $232 million and $1.5 billion of losses from currency movements.
“We saw robust net AUM inflows and continued to deliver strong performance for our investing clients across the GLG platform despite turbulent market conditions in the second quarter,” Noam Gottesman, chairman and co-CEO of GLG, said in the release.
Year-to-date June 30 dollar-weighted average returns of GLG's investment strategies were 3.8% for alternatives; 2.1% for 130/30 strategies; and -4.4% for long-only strategies. By way of comparison for the same time period, the return of the MSCI World index was -7.1% and the S&P 500 index was -6.9%, according to the release.
Man Group announced its intention to acquire GLG Partners in May.