EX-99.1 2 y41286aexv99w1.htm EX-99.1: EARNINGS RELEASE EX-99.1
 

Exhibit 99.1
(GLG LOGO)
GLG PARTNERS REPORTS THIRD QUARTER 2007 EARNINGS
  •   Net income of $46 million; Adjusted net income of $29 million, up 160% from Q3 2006
 
  •   Net assets under management of $20.5 billion, up 49% from Q3 2006
 
  •   Total inflows of $1.8 billion during Q3 2007, including managed account inflows and gross fund-based inflows
London, October 24, 2007 — GLG Partners (GLG), a leading alternative asset manager, today reported net income of $46 million for the quarter ended September 30, 2007 and $375 million for the first nine months of 2007. Adjusted net income (net income less limited partner profit share) was $29 million, up 160% year-over-year, for the quarter ended September 30, 2007 and $168 million, up 99% year-over-year, for the first nine months of 2007.
GLG’s net assets under management as of September 30, 2007 reached $20.5 billion (net of assets invested from other GLG managed funds), up 10% from June 30, 2007 and 49% from September 30, 2006. GLG’s gross assets under management (including assets invested from other GLG managed funds) were $23.6 billion at September 30, 2007, up 10% from June 30, 2007 and 48% from September 30, 2006. A combination of performance and healthy inflows drove the growth in assets under management (AUM) as set forth below in Table 1.
“Our diversified model continued to work in the volatile markets of the summer, showing particular strength in Emerging Markets, led by Greg Coffey, and in the European strategies, led by GLG Co-Founder, Pierre Lagrange, as well as substantial net inflows broadly in our alternative strategies”, said Noam Gottesman, Co-Founder, Managing Director and Co-CEO of GLG. “We are looking forward to the upcoming completion of the reverse acquisition transaction with Freedom Acquisition Holdings in the coming weeks and remain excited about the prospects for the future expansion and growth of our business.”
 

 

Table 1: Assets Under Management
(USD in millions)
                                 
    As of September 30,                  
    2007     2006                  
                 
 
                                
Gross Fund-Based AUM
   $ 21,524     $ 14,519                  
Managed Accounts AUM
     1,905       1,042                  
Cash and Other Securities
     164       372                  
Gross AUM
   $ 23,593     $ 15,932                  
YoY % Change
     48 %                        
Net AUM
   $ 20,466     $ 13,718                  
YoY % Change
     49 %                        
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2007     2006     2007     2006  
 
                                
Opening Gross Fund-Based AUM
   $ 19,485     $ 14,351     $ 16,053     $ 11,484  
Fund-based inflows (net of redemptions)
     1,798       (72 )     3,350       1,541  
Fund-based net performance (gains net of losses)
     241       240       2,121       1,494  
 
                        
Closing Gross Fund-Based AUM
   $ 21,524     $ 14,519     $ 21,524     $ 14,519  
 
                        
 
                                
% of Opening Gross Fund-Based AUM
                                
Gross Fund-based inflows (net of redemptions)
     9.2 %     (0.5 %)     20.9 %     13.4 %
Gross Fund-based net performance (gains net of losses)
     1.2 %     1.7 %     13.2 %     13.0 %
 
                                
Opening Managed Accounts AUM
   $ 1,843     $ 937     $ 1,233     $ 335  
Inflows (net of redemptions)
     38       96       457       766  
Net performance (gains net of losses)
     24       8       215       (60 )
 
                        
Closing Managed Accounts AUM
   $ 1,905     $ 1,042     $ 1,905     $ 1,042  
 
                        
 
                                
% of Opening Managed Accounts AUM
                                
Inflows (net of redemptions)
     2.1 %     10.3 %     37.1 %     228.8 %
Net Performance (gains net of losses)
     1.3 %     0.9 %     17.5 %     (17.9 %)
Note: Net performance is based on both opening AUM and inflows during the period and can be influenced by heavy inflows and fluctuations in currencies.
Financial Summary
For Q3 2007, total net revenues and other income was up 79% to $103 million compared to $57 million in the same quarter last year, primarily due to increased management fees as a result of performance and strong inflows across the GLG managed funds. For the first nine months of 2007, total net revenues and other income increased 78% over the first nine months of 2006 to $594 million.
         
    2    

 

Performance fees were immaterial in Q3 2007 as it is our practice to recognize performance fees when they crystallize, generally on June 30 and December 31 of each year. Accordingly, when Q4’s performance fees are reported they will reflect crystallized second half performance.
Management and administration fees totaled $95 million or 1.9% of average net AUM for Q3 2007, increases of 69% and 29 basis points (bps), respectively, from the same quarter in 2006. For the first nine months of 2007, management and administration fees totaled $242 million, or 1.8% of average net AUM, increases of 56% and 16 bps, respectively, over the first nine months of 2006. Other income of $7 million reflects primarily currency related gains on cash held on our balance sheet during Q3 2007.
The total level of comprehensive limited partner profit share, compensation and benefits (“PSCB”) rose by 60% for Q3 to $46 million. This is down by 539 bps to 45% when expressed as a percentage of revenues, versus the same period last year. PSCB is a financial measure not prepared under U.S. generally accepted accounting principles, or GAAP, and includes limited partner profit share as described below under “Non-GAAP Financial Measures.” Employee compensation and benefits for Q3 2007 increased $25 million over the same quarter last year to $29 million primarily due to the reversal in Q3 2006 of selected employee compensation and benefits accruals as certain key personnel ceased to be employees and became participants in the limited partner profit share arrangement.
Please note that compensation expense and limited partner profit share tied to fund performance is only recognized when the related performance fees crystallize, generally on June 30 and December 31 of each year. When Q4 is ultimately reported, the portion of compensation expense and limited partner profit share tied to performance will reflect crystallized second half performance as well as any adjustments to amounts accrued in the first half.
PSCB for the first nine months of 2007 increased by 63% to $318 million but fell by roughly 471 bps to 54% when expressed as a percentage of revenues when compared with the same period a year ago. Employee compensation and benefits for the first nine months of 2007 fell by 6% year-over-year to $111 million as a result of certain key personnel ceasing to be employees when GLG established its limited partner profit share arrangement in 2006.
General, administrative, and other expenses for Q3 2007 increased 56% to $26 million year-over-year, but fell 372 bps as a percentage of revenues to 25%. For the first nine months of 2007, these expenses rose 82% year-over-year to $80 million or by 29 bps to 13% when expressed as a percentage of revenues, reflecting increases in operating costs due to significant growth in the business as well as certain one-time costs recognized in the first half of 2007.
         
    3    

 

“Our risk management and controls infrastructure performed well in what proved to be a turbulent period for capital markets globally”, said Emmanuel Roman, Co-CEO and Managing Director of GLG. “Furthermore, our operations continue to scale and we are encouraged by the initial momentum with our new strategic partners, Istithmar and Sal. Oppenheim.”
Investor/Analyst Conference Call and Webcast
GLG will be hosting a conference call for investors and analysts today at 11:00 AM EDT (New York City) / 4:00 PM BST (Guernsey/London). The dial-in number for the live conference call is +1 866 238 1665 in the US or +44 (0)207 15 32 010 in the UK. To access a webcast of the conference call, please register via GLG’s website www.glgpartners.com.
The conference call replay can be accessed by dialing +1 888 266 2081 in the US or +1 703 925 2533 in the UK and entering access code #1156360. The webcast replay of the conference call will also be available on the Company’s website at www.glgpartners.com. Both the dial-in and webcast replay of the call will be available beginning on October 24, 2007 at 2pm EST or 7pm BST until November 7, 2007.
About GLG
GLG, the largest independent alternative asset manager in Europe and one of the largest 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 September 30, 2007, GLG managed gross AUM of over $23 billion.
Forward-looking Statements
This press release contains statements relating to future results that are forward-looking statements. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: market conditions for GLG managed investment funds; performance of GLG managed investment funds, the related performance fees and the associated impacts on revenues, net income, cash flows and fund inflows/outflows; the cost of retaining GLG’s key investment and other personnel or the loss of such key personnel; risks associated with the expansion of GLG’s business in size and geographically;
         
    4    

 

operational risk; litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on GLG’s resources; risks related to the use of leverage, the use of derivatives, interest rates and currency fluctuations; costs related to the proposed acquisition; failure to obtain the required approvals of stockholders of Freedom Acquisition Holdings, Inc. for the proposed acquisition transaction; and risks that the closing of the transaction is substantially delayed or that the transaction does not close, as well as other risks and uncertainties, including those set forth in the definitive proxy statement filed by Freedom with the Securities and Exchange Commission on October 11, 2007. These forward-looking statements are made only as of the date hereof, and GLG undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors/analysts:
     
GLG:
  Simon White
 
  Chief Financial Officer
 
  +44 (0)20 7016 7000
 
  simon.white@glgpartners.com
 
    
 
  Michael Hodes
 
  Acting Director of Investor Relations
 
  +1 212 224 7223
 
  michael.hodes@glgpartners.com
 
    
Media:
    
 
    
Finsbury:
  Rupert Younger/Amanda Lee
 
  +44 (0)20 7251 3801
 
  rupert.younger@finsbury.com
 
  amanda.lee@finsbury.com
 
    
 
  Andy Merrill
 
  + 1 212 303 7600
 
  andy.merrill@finsbury.com
         
    5  

 

GLG
Unaudited Combined Statement of Operations
(USD in thousands)
                         
    Three Months Ended        
    September 30,        
    2007     2006     % Change  
                       
 
                        
Net revenues and other income
                        
 
                        
Management fees
   $ 78,558     $ 47,010       67 %
Performance fees
     803       1,102       NM  
Administration fees
     16,306       9,128       79 %
Other
     6,905       —       NM  
 
                        
 
                  
Total net revenues and other income
     102,572       57,240       79 %
 
                        
Expenses
                        
 
                        
Employee compensation and benefits
     (28,959 )     (3,735 )     NM  
General, administrative and other
     (25,891 )     (16,576 )     56 %
 
                  
 
     (54,850 )     (20,311 )     170 %
 
                        
Income from operations
     47,722       36,929       29 %
Interest income, net
     3,048       1,029       196 %
 
                  
Income before income taxes
     50,770       37,958       34 %
Income taxes
     (4,735 )     (1,803 )     163 %
 
                  
 
                        
GAAP Net income
   $ 46,035     $ 36,155       27 %
 
                  
                         
    Nine Months Ended        
    September 30,        
    2007     2006     % Change  
                       
 
                        
Net revenues and other income
                        
 
                        
Management fees
   $ 198,892     $ 129,981       53 %
Performance fees
     343,835       177,047       94 %
Administration fees
     42,986       25,050       72 %
Other
     7,875       1,883       318 %
 
                        
 
                  
Total net revenues and other income
     593,588       333,961       78 %
 
                        
Expenses
                        
 
                        
Employee compensation and benefits
     (110,526 )     (118,194 )     NM  
General, administrative and other
     (79,634 )     (43,721 )     82 %
 
                  
 
     (190,160 )     (161,915 )     NM  
 
                        
Income from operations
     403,428       172,046       134 %
Interest income, net
     4,694       3,603       30 %
 
                  
Income before income taxes
     408,122       175,649       132 %
Income taxes
     (33,020 )     (14,803 )     123 %
 
                  
 
                        
GAAP Net income
   $ 375,102     $ 160,846       133 %
 
                  
         
    6  

 

GLG
Combined Balance Sheet
(USD in thousands)
                 
    As of September 30,     As of December 31,  
    2007     2006  
    (unaudited)          
Assets
                
 
                
Cash and cash equivalents
   $ 391,732     $ 273,148  
Investments
     163       201  
Fees receivable
     40,687       251,963  
Prepaid expenses and other assets
     32,647       25,944  
 
                
Property and equipment (net of accumulated depreciation and amortization of $11,669 and $10,117 respectively)
     8,966       6,121  
 
            
 
                
Total Assets
   $ 474,195     $ 557,377  
 
            
 
                
Liabilities and Members’ Equity
                
 
                
Current Liabilities
                
Rebates and sub-administration fees payable
   $ 19,473     $ 19,146  
Accrued compensation and benefits
     63,199       102,507  
Income taxes payable
     19,038       25,094  
Distributions payable
     71,311       9,310  
Accounts payable and other accruals
     14,753       19,716  
Other liabilities
     3,654       5,100  
 
            
Total Current Liabilities
     191,428       180,873  
 
                
Non-Current Liabilities
                
Loan payable
     13,000       13,000  
Minority Interest
     2,031       1,552  
 
            
Total Non-Current Liabilities
     15,031       14,552  
 
                
Commitments and Contingencies
     —       —  
 
            
 
                
Total Liabilities
     206,459       195,425  
 
                
Members’ Equity
                
Members’ equity
     6,843       6,356  
Retained Earnings
     257,238       352,690  
Accumulated other comprehensive income
     3,655       2,906  
 
            
Total Members’ Equity
     267,736       361,952  
 
            
 
                
Total Liabilities and Members’ Equity
   $ 474,195     $ 557,377  
 
            
         
    7    

 

GLG
Non-GAAP Adjusted Net Income for the Three and Nine Months Ended September 30, 2007 and September 30, 2006
(USD in thousands)
                                                 
    Three Months Ended             Nine Months Ended        
    September 30,             September 30,        
    2007     2006     % Change     2007     2006     % Change  
 
                                                
Derivation of non-GAAP adjusted net income
                                                
 
                                                
GAAP Net income
   $ 46,035     $ 36,155       27 %   $ 375,102     $ 160,846       133 %
 
                                                
Deduct: limited partner profit share
     (17,000 )     (25,000 )     (32 %)     (207,500 )     (76,530 )     171 %
 
                                    
 
                                                
Non-GAAP adjusted net income
   $ 29,035     $ 11,155       160 %   $ 167,602     $ 84,316       99 %
 
                                    
GLG
Non-GAAP Expenses for the Three and Nine Months Ended September 30, 2007 and September 30, 2006
(USD in thousands)
                                                 
    Three Months Ended             Nine Months Ended        
    September 30,             September 30,        
    2007     2006     % Change     2007     2006     % Change  
 
                                                
Non-GAAP expenses
                                                
 
                                                
GAAP employee compensation and benefits
   $ (28,959 )   $ (3,735 )           $ (110,526 )   $ (118,194 )        
 
                                                
Limited partner profit share
     (17,000 )     (25,000 )             (207,500 )     (76,530 )        
 
                                        
Non-GAAP Comprehensive limited partner profit share, compensation and benefits
   $ (45,959 )   $ (28,735 )     60 %   $ (318,026 )   $ (194,724 )     63 %
 
                                                
GAAP General, administrative and other
     (25,891 )     (16,576 )     56 %     (79,634 )     (43,721 )     82 %
 
                                    
 
                                                
Non-GAAP total expenses
   $ (71,850 )   $ (45,311 )     59 %   $ (397,660 )   $ (238,445 )     67 %
 
                                    
Non-GAAP Financial Measures
GLG presents certain financial measures that are not prepared in accordance with U.S. generally accepted accounting principals, or GAAP, in addition to financial results prepared in accordance with GAAP.
Comprehensive Limited Partner Profit Share, Compensation and Benefits (“PSCB”): GLG’s management assesses its personnel-related expenses based on the measure “non-GAAP comprehensive limited partner profit share, compensation and benefits”, or non-GAAP PSCB. This non-GAAP financial measure reflects GAAP employee compensation and benefits, adjusted to include the limited partner profit shares.
Beginning in mid-2006, GLG entered into partnerships with a number of its key personnel who ceased to be employees and instead became holders of direct or indirect limited partnership interests in certain GLG entities. These individuals continue to provide services to GLG, either directly or through two limited liability partnerships. Through their partnership interests, these key individuals are entitled to profit shares in the form of priority distributions paid as partnership draws. In addition they may be entitled to an additional discretionary limited partner profit share. The key personnel that are participants in the limited partner profit share arrangement described above do not receive salaries or discretionary bonuses from GLG.
Under GAAP, limited partner profit share cannot be presented as employee compensation expense. However, management believes that it is more appropriate to treat limited partner profit share as expense when considering business performance because it reflects the cost of the services provided to GLG by these participants in the limited partner profit share arrangement. As a result, GLG presents the measure non-GAAP PSCB to show the total cost of the services provided to GLG by both participants in the limited partner profit share arrangement and employees. For purposes of this non-GAAP financial measure, GLG recognizes the limited partner profit share in the period in which the revenues related to the limited partner profit share are recognized, rather than the period in which the limited partner profit share distributions are made.
Non-GAAP PSCB is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP employee compensation and benefits.
Adjusted Net Income: GLG’s management assesses the underlying performance of its business based on the measure “adjusted net income”, which adjusts for the difference between GAAP employee compensation and benefits and non-GAAP PSCB as discussed above. Adjusted net income is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP net income as an indicator of GLG’s operating performance or any other measures of performance derived in accordance with GAAP.
GLG is providing these non-GAAP financial measures to enable investors, securities analysts and other interested parties to perform additional financial analysis of GLG’s personnel-related costs and its earnings from operations and because it believes that they will be helpful to investors in understanding all components of the personnel-related costs of GLG’s business. GLG’s management believes that the non-GAAP financial measures also enhance comparisons of GLG’s core results of operations with historical periods. In particular, GLG believes that the non-GAAP adjusted net income measure better represents profits available for distribution to stockholders than does GAAP net income.
Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by GLG may be different from non-GAAP financial measures used by other companies.
         
    8    

 

GLG
Financial Supplement
                                         
(USD in millions)   Q32007     Q22007     Q32006     LTM(1)     YTD(2)  
 
 
                                        
Gross AUM
     23,593       21,522       15,932       23,593       23,593  
 
                                        
Net AUM
     20,466       18,585       13,718       20,466       20,466  
 
                                        
Average net AUM
     19,533       17,343       13,592       16,805       17,576  
 
                                        
 
 
                                        
(USD in thousands)
                                        
 
                                        
Management fees
     78,558       62,991       47,010       255,184       198,892  
 
                                        
Performance fees(3)
     803       340,512       1,102       561,527       343,835  
 
                                        
Administration fees
     16,306       14,036       9,128       52,751       42,986  
 
                                        
Other
     6,905       472       —       10,891       7,875  
 
                                        
     
Total net revenues and other income
     102,572       418,010       57,240       880,353       593,588  
     
 
                                        
Employee compensation and benefits
     (28,959 )     (56,518 )     (3,735 )     (160,717 )     (110,526 )
 
                                        
General, adminstrative and other
     (25,891 )     (27,979 )     (16,576 )     (104,177 )     (79,634 )
 
                                        
Net interest income
     3,048       171       1,029       5,749       4,694  
 
                                        
     
GAAP net income before taxes
     50,770       333,685       37,958       621,208       408,122  
     
 
                                        
Income tax expense
     (4,735 )     (25,031 )     (1,803 )     (47,443 )     (33,020 )
 
                                        
     
GAAP net income after taxes
     46,035       308,654       36,155       573,765       375,102  
     
 
                                        
Limited partner profit share
     (17,000 )     (184,047 )     (25,000 )     (332,420 )     (207,500 )
 
                                        
     
Non-GAAP adjusted net income (4)
     29,035       124,607       11,155       241,345       167,602  
     
 
                                        
 
 
                                        
Management fees and Administration fees/Avg. net AUM (5)
     1.9 %     1.8 %     1.7 %     1.8 %     1.8 %
Total net revenues and other income/Avg. net AUM(5)
     2.1 %     9.6 %     1.7 %     5.2 %     4.5 %
Employee compensation and benefits and limited partner profit share/Total net revenues and other income
     45 %     58 %     50 %     56 %     54 %
General, administrative and other expenses/Total net revenues and other income
     25 %     7 %     29 %     12 %     13 %
Non-GAAP adjusted net income/Total net revenues and other income
     28 %     30 %     19 %     27 %     28 %
Effective income tax rate
     14 %     17 %     14 %     16 %     16 %
 
                                        
 
(1)   LTM period is Oct 1, 2006 to Sept 30, 2007.
 
(2)   YTD period is Jan 1, 2007 to Sept 30, 2007.
 
(3)   Performance fees are recognised when they crystallize, generally on June 30 and December 31 each year.
 
    As a result, the performance fee revenues do not reflect revenues from uncrystallised performance fees during Q1 and Q3.
 
(4)   See “Non-GAAP Financial Measures” for further detail.
 
(5)   Ratios annualized for Q3 2006 as well as Q2 and Q3 2007.
         
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Composition of Assets Under Management Supplement
(USD in millions)
                                                                 
    As of June 30,     YOY     As of September 30,     YOY     Qtr on Qtr% Change  
    2007     2006     % Change     2007     2006     % Change     Q32007     Q32006  
                                                             
Alternative strategy
   $ 12,826     $ 9,059       42 %   $ 14,713     $ 9,184       60 %     15 %     1 %
Long-only
     4,432       3,730       19 %     4,561       3,735       22 %     3 %     0 %
Internal FoHF
     1,627       1,086       50 %     1,651       1,089       52 %     1 %     0 %
External FoHF
     599       477       26 %     598       511       17 %     0 %     7 %
 
                                                
Gross Fund-Based AUM
     19,485       14,351       36 %     21,524       14,519       48 %     10 %     1 %
 
                                                
Managed accounts
     1,843       937       97 %     1,905       1,042       83 %     3 %     11 %
Cash
     194       339       (43 %)     164       372       (56 %)     (16 %)     10 %
 
                                                
Total Gross AUM
     21,522       15,627       38 %     23,593       15,932       48 %     10 %     2 %
 
                                                
Less: internal FoHF investments in GLG funds
     (1,642 )     (1,020 )     61 %     (1,653 )     (1,091 )     52 %     1 %     7 %
Less: external FoHF investments in GLG funds
     (56 )     (13 )     343 %     (55 )     (48 )     15 %     (1 %)     281 %
Less: alternatives fund-in-fund investments
     (1,239 )     (1,127 )     10 %     (1,419 )     (1,075 )     32 %     14 %     (5 %)
 
                                                
Net AUM
   $ 18,585     $ 13,467       38 %   $ 20,466     $ 13,718       49 %     10 %     2 %
 
                                                
                                                                 
    Three Months Ended June 30,             Three Months Ended September 30,             Nine Months Ended September 30,  
    2007     2006             2007     2006             2007     2006  
Opening Gross Fund-Based AUM
   $ 17,060     $ 12,934             $ 19,485     $ 14,351             $ 16,053     $ 11,484  
Fund-based inflows (net of redemptions)
     1,393       1,407               1,798       (72 )             3,350       1,541  
Fund-based net performance (gains net of losses)
     1,032       10               241       240               2,121       1,494  
 
                                                    
Closing Gross Fund-Based AUM
   $ 19,485     $ 14,351             $ 21,524     $ 14,519             $ 21,524     $ 14,519  
 
                                                    
 
                                                                
% of Opening Gross Fund-Based AUM
                                                                
Gross Fund-based inflows (net of redemptions)
     8.2 %     10.9 %             9.2 %     (0.5 %)             20.9 %     13.4 %
Gross Fund-based net performance (gains net of losses)
     6.0 %     0.1 %             1.2 %     1.7 %             13.2 %     13.0 %
 
                                                                
Opening Managed Accounts AUM
   $ 1,398     $ 505             $ 1,843     $ 937             $ 1,233     $ 335  
Inflows (net of redemptions)
     351       536               38       96               457       766  
Net performance (gains net of losses)
     94       (104 )             24       8               215       (60 )
 
                                                    
Closing Managed Accounts AUM
   $ 1,843     $ 937             $ 1,905     $ 1,042             $ 1,905     $ 1,042  
 
                                                    
 
                                                                
% of Opening Managed Accounts AUM
                                                                
Inflows (net of redemptions)
     25.1 %     106.1 %             2.1 %     10.3 %             37.1 %     228.8 %
Net Performance (gains net of losses)
     6.7 %     (20.6 %)             1.3 %     0.9 %             17.5 %     (17.9 %)
Note: Net performance is based on both opening AUM and inflows during the period and can be influenced by heavy inflows and fluctuations in currencies.
         
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