GLG Partners posts 3Q loss on compensation charge

GLG Partners lost $167.1 million, or 79 cents per share, during the quarter ended Sept. 30, compared with earnings of $29 million, or 15 cents per share, a year ago.

Operating earnings, which exclude special charges, fell 25 percent to $21.8 million, or 7 cents per share.

Analysts polled by Thomson Reuters, on average, forecast earnings of 8 cents per share.

Analysts do not always include special gains and charges in their estimates.

GLG Partners recorded a previously announced charge of $188 million related to compensation expenses tied to a 2007 acquisition. The bulk of the charge was non-cash.

GLG Partners said it will continue to take quarterly compensation charges through 2013 because of the acquisition.

Net assets under management fell 16 percent to $17.28 billion as of Sept. 30 from a year ago. Net assets under management fell 27 percent between June 30 and Sept. 30.

Assets under management declined amid the ongoing credit crisis and redemptions in some of the company's funds.

About half the decline in assets was driven by performance, with the remaining half coming from redemptions in GLG Partners' emerging-market funds and other funds as well as currency exchange.