Money managers under the microscope
A last-minute addition to the line-up in Monaco has been GLG’s senior managing director Pierre Lagrange, a relatively low profile figure even though the firm is listed on the New York stock exchange. Lagrange was not on the conference’s original programme and only agreed last week to speak on “the pros and cons of running an alternative asset management business as a public company” today.
GLG has had its share of troubles in the past, including the Philippe Jabre scandal, last year’s departure of star manager Greg Coffey and a hefty chunk of investor redemptions. Perhaps Lagrange is taking on a more public role as the firm now feels it has a more upbeat story to tell. Having pulled off a number of hirings and the acqusition of the UK fund management unit of Societe Generale, the firm said this month that its hedge funds had risen 11.2 percent in the five months to May 31. Meanwhile, expansion into the U.S., Asia and the Middle East is also planned.