Glg Float May Be Turning of the Tide for Hedge Funds ; City Comment

Summary

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THE decision by GLG, the London-based hedge fund manager, to get a Wall Street quote may come to be seen as the moment the market turned. Just as the last hurrah of the dot-com boom was the flotation of lastminute.com on a value which would never be seen again, so could it be with the reverse takeover and flotation of GLG.

There, though, the similarities end because GLG is by any standard an outstanding business, one of the best and most successful hedge-fund groups in the world. But its owners brilliant feel for the markets may also have triggered their decision to sell.

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Extract

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Glg Float May Be Turning of the Tide for Hedge Funds ; City Comment

For a reason, look no further than the other hedge funds which dominated the news on Wall Street last week those run by Bear Stearns which have lost all their money betting on credit derivatives based on the sub-prime market. Their fate has exposed how unreal ...

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