London-based GLG Partners Inc. is one of Europe's largest alternative asset managers. The publicly traded company takes a multistrategy approach, offering more than 40 funds across equity, macro, emerging markets, credit and convertible bond investment strategies. While GLG is best known as a hedge fund manager, traditional mutual funds recently accounted for about half of its assets under management, up from a fifth in 2008.
GLG started as a division of Lehman Brothers, which spun it off in 2000, and it went public in 2007. Its headquarters is located in Mayfair, a London neighborhood popular with hedge funds. Its New York office is on Park Ave. The company entered the U.S. market in early 2008 with its investment adviser subsidiary GLG Inc. and has a U.S. marketing team.
The company saw its assets under management fall by nearly a third in the 2008 market downturn amid poor investment performance and investor withdrawals. Three senior executives recently reduced their annual salaries to $1. GLG plans to expand its lineup by purchasing smaller firms or hiring teams from other firms. GLG recently acquired London-based event-driven fund manager Pendragon Capital and the U.K. fund-management unit of Société Générale SA.
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