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Hedge fund firm GLG's assets boosted by inflows


Date: Friday, February 19, 2010
Author: Laurence Fletcher, Reuters

* Assets under management $22.2 bln, Q4 net inflows $723 mln

* Hedge funds return 28.1 pct in 2009

* Q4 GAAP net loss $75.3 mln

Hedge fund firm GLG Partners (GLG.N) saw assets under management rise marginally in the final quarter of last year as it benefited from client money returning to the industry and modest performance gains. The London-based, New York-listed firm said assets rose 2.5 percent during the three months to December to $22.2 billion, helped by $723 million of net client inflows, particularly into the firm's segregated client accounts.

"I am confident that GLG remains well positioned to be a leading beneficiary as industry flows expand," said chairman and co-chief executive Noam Gottesman in a statement.

The firm's hedge funds and similar portfolios gained 28.1 percent last year, ahead of an average 18.6 percent gain across the industry, according to Credit Suisse/Tremont, as funds profited from a rebound in asset prices and better liquidity.

However, assets in the firm's hedge funds and similar portfolios are still down on a year ago.

The firm, which boosted its assets in traditional funds with the purchase of Societe Generale's (SOGN.PA) UK asset management unit at the end of 2008, said long-only funds returned 29.6 percent during the year, even though they underperformed the market during the second half of 2009.

The firm reported a GAAP net loss of $75.3 million, due largely to non-cash charges linked to its listing in late 2007.

At 1523 GMT the firm's shares were 1.75 percent higher at $2.90.