Keefe, Bruyette and Woods Downgrades GLG Partners (GLG) to Market Perform
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Keefe, Bruyette and Woods downgrades GLG Partners Inc. (NYSE: GLG) from Outperform to Market Perform.
Keefe analyst says, "GLG reported 3Q08 ROCK [$0.07, $0.07, $0.07, $0.06]. Ending net AUM of $17.3bn were below forecast as were net outflows of $2.2bn. Lowering 2009 estimates and price target to reflect lower net AUM, more challenging flow trends in the near term, the negative market environment quarter-to-date, and greater high water marks...GLG's revenues and earnings are highly sensitive to the investment performance of GLG's investment products. In addition, many of GLG's investment strategies entail substantial amounts of leverage. Given the importance of performance fees to GLG's revenues and earnings, financial results can be very volatile quarter-to-quarter and year-to-year. GLG also remains very dependent upon key investment professionals."
GLG Partners, Inc. (GLG) is an independent alternative asset manager.
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