GLG Partners
Encyclopedia
GLG Partners, Inc. is an American
global hedge fund
sponsor that, as of 14th October 2010, is a wholly owned subsidiary of British alternative investment
manager Man plc
It manages separate equity and fixed income portfolios along with investment funds. GLG Partners was founded in September, 1995 by a group of former Goldman Sachs
private-client executives. The name is an acronym; the first letter of the last name of the three founding partners - Noam Gottesman
, Pierre Lagrange
and Jonathan Green. The founding partners were originally backed by Lehman Brothers
.
GLG has offices in Mayfair
, London
and Park Avenue
, New York
.
As of September 2008, it had $23 billion of assets under management.
GLG was listed on the NYSE in November. 2007. At the time, Lehman had an 11 percent stake in the company.
One of GLG's famous traders is Philippe Jabre
. Another renowned trader, Greg Coffey
, departed the fund in November 2008.
On May 17, 2010, it was announced that Man Group plc was to take over GLG partners, valuing the company at $1.6 billion, or $4.50 per share. The price for shares of stock on the NYSE (New York Stock Exchange) rose from $2.91 to $4.36 overnight. The stock had risen almost 50% before the market opened. The acquisition was finalised on 14 October 2010
In 2011, GLG Partners was mentioned in the list of Top Ten Holdings along with Apple Inc., Seadrill Limited, Qualcomm Incorperated, VMware, Inc., EMC Corporation, Vale S.A., Teya Pharmaceutical Industries Limited, Salesforce.com and Red Hat, Inc.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
global hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
sponsor that, as of 14th October 2010, is a wholly owned subsidiary of British alternative investment
Alternative investment
An alternative investment is an investment product other than the traditional investments of stocks, bonds, cash, or property. The term is a relatively loose one and includes tangible assets such as art, wine, antiques, coins, or stamps and some financial assets such as commodities, private equity,...
manager Man plc
Man Group
Man Group plc is a British alternative investment management business. It provides a range of funds for institutional and private investors globally. The company manages about US$68 billion and employs around 1,700 people in 15 locations worldwide.Man’s headquarters are at Riverbank House...
It manages separate equity and fixed income portfolios along with investment funds. GLG Partners was founded in September, 1995 by a group of former Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
private-client executives. The name is an acronym; the first letter of the last name of the three founding partners - Noam Gottesman
Noam Gottesman
Noam Gottesman is an Israeli-American businessman living in the United Kingdom. He is co-founder , chairman and co-chief executive of GLG Partners, a London and New York-based hedge fund....
, Pierre Lagrange
Pierre Lagrange
Pierre Lagrange is a Belgian hedge fund manager and co-founder of GLG Partners.Lagrange was born Belgium and now resides with his family in London and Hampshire...
and Jonathan Green. The founding partners were originally backed by Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
.
GLG has offices in Mayfair
Mayfair
Mayfair is an area of central London, within the City of Westminster.-History:Mayfair is named after the annual fortnight-long May Fair that took place on the site that is Shepherd Market today...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and Park Avenue
Park Avenue (Manhattan)
Park Avenue is a wide boulevard that carries north and southbound traffic in New York City borough of Manhattan. Through most of its length, it runs parallel to Madison Avenue to the west and Lexington Avenue to the east....
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
.
As of September 2008, it had $23 billion of assets under management.
GLG was listed on the NYSE in November. 2007. At the time, Lehman had an 11 percent stake in the company.
One of GLG's famous traders is Philippe Jabre
Philippe Jabre
Philippe Jabre is the founder and CIO of Jabre Capital Partners S.A, a Geneva-based Hedge fund. Jabre was a former managing director of GLG Partners, a UK based hedge fund....
. Another renowned trader, Greg Coffey
Greg Coffey
Greg Coffey is an Australian hedge fund manager based in London.-Early life and education:Coffey graduated in actuarial studies from Macquarie University. -Career:...
, departed the fund in November 2008.
On May 17, 2010, it was announced that Man Group plc was to take over GLG partners, valuing the company at $1.6 billion, or $4.50 per share. The price for shares of stock on the NYSE (New York Stock Exchange) rose from $2.91 to $4.36 overnight. The stock had risen almost 50% before the market opened. The acquisition was finalised on 14 October 2010
In 2011, GLG Partners was mentioned in the list of Top Ten Holdings along with Apple Inc., Seadrill Limited, Qualcomm Incorperated, VMware, Inc., EMC Corporation, Vale S.A., Teya Pharmaceutical Industries Limited, Salesforce.com and Red Hat, Inc.