WEST PALM BEACH, FL (www.hedgeco.net) – The London based hedge fund managers said yesterday it is not worried about rumors of its financial troubles. The firm said it doesn�t make comments about itsindividual trading positions, Nicola Hobday, spokeswoman for GLG said, “We never comment on individual positions, but the funds are fine and we have no concerns.�
According to the market speculation, the position held by GLG in General Motors has caused the hedge fund manager some financial difficulties. GLG, according to the speculation had a long credit capital structure arbitrage trade on General Motors, market speculators are worried that such position may damage the funds solvency.
GLG Partners LP overseas over $13.5 billion in total investor assets. According to the speculation, one of the hedge funds of GLG was involved in an arbitrage trade on GM; other hedge funds also involved in the speculation trade were Deutsche Bank AG (DB) through its proprietary trading desk. Deutsche Bank AG (DB) declined to comment on the story. Another manager involved in the speculation, Bailey Coates, also declined to comment, while Highbridge Capital Management was not immediately reached.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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