''Man GLG'' (formerly GLG Partners) is a discretionary investment manager and a wholly owned subsidiary of British

alternative investment An alternative investment, also known as an alternative asset or alternative investment fund (AIF), is an investment in any asset class excluding stocks, bonds, and cash. The term is a relatively loose one and includes tangible assets such as ...

manager

Man Group plc Man Group plc is an active investment management business listed on the London Stock Exchange. It provides a range of funds across liquid and private markets for institutional and private investors globally and is the world's largest publicly t ...

. It is a diversified and multi-strategy fund manager that operates strategies including equity long-short funds, convertible arbitrage funds, emerging market funds and long-only mutual funds. The firm is also a founding member of the

Hedge Fund Standards Board The Standards Board for Alternative Investments (SBAI), formerly known as the Hedge Fund Standards Board, is an international standard-setting body for the alternative investment industry and sets the voluntary standard of best practices and prac ...

and a signatory of the Principles for Responsible investment. , Man GLG had $35.4 billion assets under management.

History

GLG was founded in 1995 by

Noam Gottesman Noam Gottesman (born May 1961) is a New York City-based, British-American businessman, former hedge fund manager, and co-founder of GLG Partners. He later entered the restaurant industry, investing in establishments including Eleven Madison Park ...

Pierre Lagrange Pierre Philippe Alexandre Lagrange (born 15 March 1962) is a Belgian economist, hedge fund manager, financier, and a co-founder of GLG Partners. His net worth is estimated at £500 million according to ''The Sunday Times''. Early life and education ...

and Jonathan Green, as a unit of

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...

. The three founders met while working in Goldman Sachs' private client business in the 1980s. GLG was spun off by Lehman in 2000 before going public in 2007 through a

reverse merger A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public compan ...

with Freedom Acquisition Holdings. At the time of the merger, GLG Partners Inc was valued at £3.3 billion, the then-largest alternative investment manager in Europe. In April 2009, GLG Partners acquired Société Générale Asset Management UK, adding $8.2 billion in AUM and increasing GLG's exposure to the UK retail market.

acquired GLG Partners in May 2010, paying $1.6 billion ($4.50 per share) in cash and new shares. The merger was the largest acquisition in hedge fund industry. The acquisition was finalised on 14 October 2010. In 2015 Man GLG acquired Silvermine Capital Management, a US-based investment advisor, as well as NewSmith LLP, an equity investment manager. Man GLG reportedly paid an initial $23.5 million for Silvermine; the acquisition was said by ''Hedgeweek'' to provide Man GLG with more expertise in US credit markets and expand the firm’s North American presence. ''The Telegraph'' noted that the NewSmith acquisition would extend Man GLG's presence in the Japanese market. In December 2013, Man GLG settled charges brought by the SEC after a failure of the firm's internal controls caused it to overvalue its stake in a coal mining company. GLG did not admit or deny the charges. In January 2014 the billionaire investor

Richard Desmond Richard Clive Desmond (born 8 December 1951) is a British publisher, businessman and former pornographer. According to the 2021 ''Sunday Times Rich List'', Desmond was the 107th richest person in the United Kingdom. He is the founder of North ...

sued GLG and Credit Suisse over losses stemming from investments that Desmond stated were "too complex to understand". GLG denied advising Desmond on the transaction; the firm also argued that Desmond was in fact a sophisticated investor, having invested over $15 million with GLG since 1998. The case was settled out of court in 2015.

Structure and operations

Man GLG is a multi-team discretionary investment manager, utilising absolute return and long-only strategies across asset classes, sectors and geographies. The firm has headquarters in London, with offices in New York, Hong Kong and Pfäffikon. Man Group's 2014 trading statement reported that Man GLG had had a “mixed” year, but that the January 2015 acquisition of Silvermine would boost the division’s US CLO business. Man Group acquired GLG Partners partly to diversify its business towards more institutional clients.

References

External links

*
Principles for Responsible Investment

Hedge Fund Standards Board
Hedge fund firms in New York City Financial services companies established in 1995 Hedge fund firms in the United Kingdom Alternative investment management companies {{DEFAULTSORT:Glg Partners