GLG Partners, the US-listed asset manager, has reported a GAAP net loss attributable to common stockholders of USD120.3m for the quarter ended 31 March 2009.

GLG Partners, the US-listed asset manager, has reported a GAAP net loss attributable to common stockholders of USD120.3m for the quarter ended 31 March 2009.

GAAP diluted EPS was a loss of USD0.55 for the quarter ended 31 March 2009. These GAAP metrics reflect improvements when compared to the net loss attributable to common stockholders of USD226.3m and GAAP diluted EPS loss of USD1.07 for the quarter ended 31 March 2008.

Non-GAAP adjusted net income was USD5.3m, down 84 per cent year-over-year, for the quarter ended 31 March 2009. The ratio of non-GAAP adjusted net income to non-GAAP weighted average fully diluted shares was 0.02 for the quarter ended 31 March 2009, down 83 per cent from a year ago.

'We made substantial progress in the first quarter,' says Noam Gottesman, chairman and co-chief executive of GLG. 'Our hedge funds performed well and our long-only strategies generally performed well on a relative basis. Net AUM flows were positive, and our focus on expense control substantially reduced our general and administrative expenses run rate.'

GLG's total net assets under management as of 31 March 2009 were approximately USD14.0bn (net of assets invested from other GLG managed funds), down seven per cent from 31 December 2008 and down 43 per cent from 31 March 2008.

Against a backdrop of global equity market declines, performance in the first quarter of 2009 reduced net AUM by USD807m as positive returns in many of GLG's alternative strategy funds were offset by negative returns in GLG's long-only funds, select managed accounts and special asset funds

Net inflows for the quarter ended 31 March 2009 were positive at USD50m reflecting strong managed account net inflows and moderate net outflows in alternatives and long-only funds. The impact of currency translation reduced net AUM by USD251m in the first quarter of 2009.

GLG's total gross AUM (including assets invested from other GLG managed funds) was USD15.4bn as of 31 March 2009, down seven per cent from 31 December 2008 and down 47 per cent from 31 March 2008.

Net revenues and other income were USD51.7m, down 61 per cent year-over-year, for the quarter ended 31 March  2009. The decline reflects both lower average net AUM levels and a shift in the mix of GLG's AUM towards a broader based investment platform with greater representation from long-only and managed accounts that have lower management and administrative fees than its alternative funds.