Hedge firm GLG assets fall

Reuters – Hedge fund GLG Partners reported a further drop in assets on Thursday and said the cycle of investor redemptions in the industry was not yet over despite its funds’ performance perking up in January.

The London-based, New York-listed firm, which last year saw star manager Greg Coffey depart, said assets under management fell 13 percent during the fourth quarter to $15 billion (10.2 billion pounds), as small inflows were negated by large performance losses.

The drop in assets in 2008 was 39 percent.

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