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Over the past few months, GLG has devoted considerable time and effort to manage counterparty risk exposures with respect to its prime brokers and other counterparties, including Lehman, Merrill Lynch and AIG. All of the GLG Funds have at least two prime brokers and in nearly all cases, at least one prime broker is a commercial bank. Following this action, GLG confirms that the GLG Funds have no counterparty risk exposure to either Merrill Lynch or AIG.
With respect to Lehman, GLG last week transferred substantially all of the remaining positions of the GLG Funds to other prime brokers. The majority of these transfers have already settled and we expect the remainder to settle shortly. We believe the residual exposure of the GLG Funds to Lehman will not be material.
Lehman is also a shareholder in GLG, owning approximately 33.7 million shares. Its share ownership in GLG is held by Lehman (Cayman Islands) Limited, a Cayman Islands company. Lehman (Cayman Islands) Limited is party to GLG's Shareholder's Agreement, the terms of which restrict the sale of any GLG shares owned by Lehman until November 2, 2008. After November 2, 2008, 25% of the total shares held by Lehman (approximately 8.4 million shares) become free of the transfer restrictions in the Shareholder's Agreement. The remaining shares will be restricted under the terms of the Shareholder's Agreement until November 2, 2009, when a further 25% becomes free, and November 2, 2010, when all shares become free, of the lock-up.
About GLG
GLG, one of the largest alternative asset managers in the world, offers its base of long-standing prestigious clients a diverse range of investment products and account management services. GLG's focus is on preserving client's capital and achieving consistent, superior absolute returns with low volatility and low correlations to both the equity and fixed income markets. Since its inception in 1995, GLG has built on the roots of its founders in the private wealth management industry to develop into one of the world's largest and most recognized alternative investment managers, while maintaining its tradition of client-focused product development and customer service. As of June 30, 2008, GLG managed net AUM of over $23.0 billion.
This press release does not constitute and is not intended to constitute an offer or solicitation for an investment in any GLG fund, including the funds mentioned herein.
SOURCE: GLG Partners, Inc.
Investors/analysts: GLG Jeffrey Rojek, +1 212-224-7245 Chief Financial Officer jeffrey.rojek@glgpartners.com or Michael Hodes, +1 212-224-7223 Acting Director of Investor Relations michael.hodes@glgpartners.com or Media: Finsbury Rupert Younger / Talia Druker, +44 (0)20-7251-3801 GLG@finsbury.com or Andy Merrill / Stephanie Linehan, +1 212-303-7600 andy.merrill@finsbury.com
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