GLG Partners

GLG Partners, Inc. is an London-based hedge fund that, as of 14 October 2010, is a wholly owned subsidiary of British alternative investment manager Man plc. In 2010 it was acquired by Man. GLG then was Europe's third largest hedge fund. The firm now oversees $26.2 billion.

GLG operates equity long-short funds, convertible arbitrage funds, emerging market funds and long-only mutual funds. GLG was founded in 1995 by Noam Gottesman, Pierre LaGrange and Jonathan Green as a unit of Lehman Brothers. The investment bank span it off in 2000. GLG Partners went public in 2007 through a reverse merger.

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 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. It was largest acquisition in hedge fund industry.

In May 2011, the firm launched the GLG global sustainability equity fund, which focuses on a range of large and mid-sized firms in a number of sectors focusing on sustainability. Sectors include healthcare, transportation, education and water management.

Famous quotes containing the word partners:

    What exacerbates the strain in the working class is the absence of money to pay for services they need, economic insecurity, poor daycare, and lack of dignity and boredom in each partner’s job. What exacerbates it in upper-middle class is the instability of paid help and the enormous demands of the career system in which both partners become willing believers. But the tug between traditional and egalitarian models of marriage runs from top to bottom of the class ladder.
    Arlie Hochschild (20th century)