GLG Partners Quarterly Transcript | Q3

GLG Partners Transcript

GLG Partners Transcript Q3 2008

Below is the most recent transcript for GLG Partners for Q3 2008. To read our full Hedge Fund Tracker bio on GLG please see this link: GLG Partners Hedge Fund Tracker Notes


GLG Partners, Inc. (GLG)

Q3 2008 Earnings Call

November 10, 2008 8:30 am ET


Shirley Chan – Associate of Investor Relations

Noam Gottesman – Chairman, Co-Chief Executive Officer

Jeffrey Rojek – Chief Financial Officer

Simon White – Chief Operating Officer

Michael Hodes – Director of Public Markets


Craig Siegenthaler – Credit Suisse

Prashant Bhatia – Citigroup

Roger Freeman – Barclays Capital



Good day ladies and gentlemen and welcome to the third quarter 2008 GLG Partners, Inc. earnings conference call. My name is Madge and I will be your coordinator for today. (Operator Instructions) I would now like to turn the call over to your host for today Miss Shirley Chan, Associate of Investor Relations. Please proceed.

Shirley Chan

Hello everyone and thank you for joining us for our third quarter investor and analysts conference call. On the call with me today is Noam Gottesman, our Chairman and co-CEO; Jeff Rojek, our Chief Financial Officer; Simon White, Chief Operating Officer and Michael Hodes, Director of Public Markets.

Earlier this morning [inaudible] announcing our financial results for the third quarter of 2008. After our prepared remarks during this call we’ll be happy to take your questions.

I’d like to point out that during the course of this conference call, we may make a number of forward-looking statements. These forward-looking statements are subject to various risks and uncertainties and there are important factors that could cause actual income to differ materially from those indicated in these statements. Some of these factors are described in the Risk Factors section of our filings with the SEC.

I want to remind you that GLG assumes no obligation to update or revise the forward-looking statements whether as a result of new information, future events or otherwise unless required by law. I would also like to remind everyone that in addition to financial results prepared in accordance with GAAP, GLG presents earned financial measures such as adjusted net income, non-GAAP weighted average, fully diluted shares and non-GAAP compensation, benefits and profit share that are not prepared in accordance with U.S. GAAP.

GLG is providing these non-GAAP financial measures to enable investors, security analysts and other interested parties to perform additional financial analysis of the company’s personnel related costs and its earnings from operations, and because it believes that they will be helpful to investors in understanding all components of the personnel related costs of the business.

A reconciliation of these non-GAAP financial measures to GAAP is included in our earnings release, a copy of which is available on our website and has also been furnished this morning to the SEC on our Form 8-K. Finally I’d like to point out that this is not intended to be an offer or solicitation for investment in any particular GLG fund. I will now hand the call over to Noam for an overview of the quarter.

Noam Gottesman

Thank you Shirley. We are pleased to have the opportunity to speak with you today and provide an update on our third quarter results and the performance across our funds. Our financial metrics were as follows.

Our net AUM for the quarter stood at $17.3 billion, down $6.4 billion for the quarter and

$3.2 billion year-over-year. Roughly half of the AUM decline in the quarter was negative performance with the remainder nearly equally split between the expected outflows in EM of

$1.3 billion, outflows from our other funds of $0.9 billion and the impact of currency translation which amounted to $1.1 billion. Read More...

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