GLG to hold off on dividend

Hedge fund GLG Partners yesterday announced that it will temporarily stop paying a quarterly dividend.
DEC 31, 2008
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

Advisor moves: Cresset enters Boca Raton with $4 billion UBS team addition
Advisor moves: Cresset enters Boca Raton with $4 billion UBS team addition

Meanwhile, an advisor tuck-in from Edward Jones expands Kestra's Washington, D.C.-area presence, and Janney deepens its Connecticut footprint with an experienced Wells Fargo advisor.

Kovack Financial Network launches private succession platform for advisors
Kovack Financial Network launches private succession platform for advisors

KFN Succession Center pairs advisors weighing retirement with buyers, as next-gen affordability keeps eroding industry-wide.

Regulation lags rising private credit risks as retail access widens
Regulation lags rising private credit risks as retail access widens

New CFA Institute research calls for tougher valuation rules and suitability standards as private credit funds court wealth management clients.

LPL Financial, Raymond James land advisors managing $470M
LPL Financial, Raymond James land advisors managing $470M

Michigan father-son team with nearly 50 years of combined experience joins LPL, while a New Jersey advisor moves from Ameriprise to RJFS.

Wealth transfer timing: why waiting is the costliest mistake families make
Wealth transfer timing: why waiting is the costliest mistake families make

UBS expert Sarah Salomon says stewardship is built over time, not handed over in a will.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income