Global investment manager GLG Partners, Inc. has reported a GAAP net loss of $60.8 million or $0.37 per diluted share in the first quarter of 2010. However, the company's assets under management grew 6.7 percent to $23.7 billion compared with the last quarter of 2009. Net inflows in the first quarter of this year totaled $954 million and $1.3 billion of performance gains.

But this performance was offset by negative currency translation impact of $753 million, the firm said in a statement.

In its quarterly financial report, GLG Partners reported the following:

  • Non-GAAP adjusted net loss was $3.1 million, or $0.01 per non-GAAP weighted average fully diluted share, for the three months ended March 31, 2010.
  • First quarter 2010 dollar-weighted average returns of 5.3% for the alternative strategies, 6.2% for the 130/30 strategies and 6.1% for the long only strategies; April 2010 dollar-weighted average returns1 of 1.5% for the alternative strategies, 1.6% for the 130/30 strategies and (0.1%) for the long only strategies.

GLG chairman and co-CEO Noam Gottesman said: "I am pleased to report another quarter of strong investment returns for our clients. This strong investment performance combined with a broadening interest in GLG's fund and managed account products are leading to accelerated net inflows."

His co-CEO Emmanuel Roman said GLG is well positioned as net inflows are returning to global and alternative asset managers, in particular into new areas such as our UCITS III products which have seen strong interest.

"Our platform is robust, global and transparent with a wide range of performance-oriented investment products. Moreover, given our existing base of professionals and the investments we have continued to make in infrastructure and risk management systems, we expect to see significant operating leverage as our asset base grows," Roman added.