GLG to hold off on dividend

Hedge fund GLG Partners yesterday announced that it will temporarily stop paying a quarterly dividend.
DEC 31, 2008
By  Bloomberg
GLG Partners yesterday announced that it will temporarily stop paying a quarterly dividend. “We have decided at this time that it is prudent to retain capital rather than continue paying a regular quarterly dividend. We see tremendous value in the added flexibility of retaining cash in the current environment,” Noam Gottesman, chairman and co-CEO, said in a news release. The hedge fund manager’s board of directors could re-establish the practice or pay a special dividend when warranted, the release added. Mr. Gottesman noted that the firm recently announced that it will acquire Societe Generale Asset Management UK and that the firm’s management is looking for additional acquisitions in 2009 to “grow and broaden our business as we move into 2009.” The market reacted positively to GLG’s decision to stockpile cash, raising the share price 11% in intraday trading to close at $2.23 per share, up from Monday‘s $2.01 closing price. GLG managed $17 billion as of Sept. 30.

Latest News

DeSantis unleashes ‘Florida DOGE’ in quest to kill property taxes
DeSantis unleashes ‘Florida DOGE’ in quest to kill property taxes

To help fund the proposal, the governor and Florida's finance chief are probing municipal finances on a "local government accountability tour" to uncover potential waste.

Edward Jones job cuts and buyouts hit 811 employees
Edward Jones job cuts and buyouts hit 811 employees

Edward Jones’ job cuts and overall realignment internally are contributing to higher costs for the company, it said in its recent quarterly report.

Advisor moves: LPL nabs $715M team from Cetera's Avantax community
Advisor moves: LPL nabs $715M team from Cetera's Avantax community

Meanwhile, Fifth Third's RIA arm adds a former billion-dollar BNY trio in Boulder, Colorado, while a hybrid RIA opens a new North Carolina location with a former Raymond James-affiliated team.

Tax compliance costs US economy over $536B, Tax Foundation finds
Tax compliance costs US economy over $536B, Tax Foundation finds

Analysis highlights swelling out-of-pocket costs and wasted time on paperwork, with an outsized toll on businesses and around crypto transactions.

Raymond James taps Allianz alum in continued push into ETF space
Raymond James taps Allianz alum in continued push into ETF space

The appointment to its investment management arm comes roughly a year after the firm first announced plans to launch its own exchange-traded fund platform.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.