Life After Jabre At GLG Is Sweet
Another star is shining brightly at GLG Partners following the departure of top trader Philippe Jabre: His replacement, Steve Roth.
Another star is shining brightly at GLG Partners following the departure of top trader Philippe Jabre: His replacement, Steve Roth, formerly a proprietary trader at Deutsche Bank, arrived six months ago to head the firm’s flagship GLG Market Neutral Fund. According to Financial News, the fund has soared 44% in the past 12 months, with a 25.65% jump since Roth took over. What’s more, when many a hedge fund were down in the dumps in May, Roth and his group managed to stem the bleeding by losing only 0.68%. This is not to take credit away from Jabre, who accomplished quite a feat by taking a fund which lost more than 17% by May 2005 to a 19% gain by the time he left. Still, Roth’s debut has been pretty impressive. Growth at the market neutral fund helped boost GLG’s total AUM by about 13% from February to $15.5 billion, making GLG one of the three largest HF managers in Europe, in a league with Barclays Global Investors and Man Investments, according to FN. Meanwhile, yesterday Jabre launched his appeal of the fine for the actions that got him into trouble in the first place.