GLG founder nets $130m
Pierre Lagrange, co-founder of UK-based hedge fund manager GLG Partners and one of its three principal shareholders, received compensation of more than $130m (€84m) in the last two years, according to the proxy statement filed by the firm this week.
The proxy statement, filed this week with the Securities and Exchange Commission in advance of GLG's annual general meeting in June, said that in addition to Lagrange's compensation under his employment agreements, "the Lagrange GLG Trust received cash distributions of $86,012,877 and $47,581,000 in respect of fiscal 2007 and 2006, respectively, for the benefit of Lagrange".
Lagrange, whose initial forms the "L" of GLG, manages money at the firm. The proxy statement said GLG has set compensation at levels it believes are competitive against compensation offered by other alternative asset managers and leading investment banks, primarily in London, while taking into account the performance of the GLG funds.
The statement said the most significant portion of the remuneration is expected to continue to be in the form of discretionary bonuses and discretionary limited partner profit share. It said: "GLG believes these forms of remuneration are important to align the interests of its senior management and key personnel with those of investors in the GLG funds."
The proxy statement said Noam Gottesman, co-founder and co-chief executive of GLG and also a portfolio manager, and Emmanuel Roman, the other co-chief executive, each received total compensation of $4.4m last year, compared with $4.7m the year before.
GLG Partners Inc, which listed in New York last year, describes Lagrange, Gottesman and Roman as its three principal shareholders. Between them and the trustees of their trusts, they collectiely control 53% of the voting rights in GLG Partners Inc and have the ability to elect its board of directors. They were not available for comment.
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