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GLG - various funds

2008-11-05

Count of distinct funds: 4
Capital base: $2.3B (Market Neutral; June '08); $2.9B (European Long-Short)
Loss: at least 30% on Market Neutural, Credit Fund thru Sept. '08

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stories: finalternatives.com, bloomberg.com

Per Bloomberg:

GLG will stop investors from making withdrawals from the GLG Market Neutral Fund and GLG Credit Fund, it said in a statement today. The Credit Fund dropped 35 percent and Market Neutral 29 percent through Sept. 30, and they suffered further losses in October as convertible bonds and loans slumped.

...

Both the funds suspended are managed by Steve Roth, who took over running them from GLG co-founder Philippe Jabre when he left in December 2005. The market-neutral fund managed about $2.3 billion at the end of June, according to GLG's Web site, compared with its peak of about $4 billion in 2004.

Originally a unit of Lehman Brothers Holdings Inc., GLG is run from London and New York and managed about $24 billion as of June 30. Greg Coffey, who had oversaw as much of a quarter of GLG's funds, this week joined Moore Capital Management LLC, the New York-based hedge-fund manager founded by Louis Bacon.

As of 11/11, the European Long-Short fund was also halted:

GLG is limiting withdrawals from its largest fund, the $2.9 billion European Long-Short Fund, in an effort to avoid forced asset sales. The firm has placed some of the fund’s assets into a side-pocket, mirroring moves it made with its Emerging Markets Fund last month, following the departure of its star manager, Greg Coffey. Coffey has since joined Moore Capital Management. Last week, GLG suspended redemptions from its Market Neutral and Credit funds.

European Long-Short, which is managed by GLG co-founder Pierre Lagrange, is down 14.6% through September.

GLG has 48 funds.

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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.