Exhibit 99.1

GLG PARTNERS REPORTS Q4 AND FULL-YEAR 2009 EARNINGS

New York, February 18, 2010 – GLG Partners, Inc. (“GLG”) (NYSE: GLG) today reported a GAAP net loss attributable to common stockholders for the fourth quarter and full year ended December 31, 2009 of $75.3 million, or $0.33 per fully diluted share, and $319.0 million, or $1.45 per fully diluted share, respectively.

Highlights

	•		2009 dollar-weighted average returns1 of 28.1% for the alternative strategies, 33.6% for the 130/30 strategies and 29.6% for the long only strategies
	•		Net inflows of $723 million for Q4 2009; net AUM of $22.2 billion as of December 31, 2009, up 2.5% sequentially in Q4 2009 and 47.4% year over year
	•		Non-GAAP adjusted net income of ($4.3) million for Q4 2009 and $81.2 million for the full year 2009 (($0.01) and $0.26 per non-GAAP weighted average fully diluted share, respectively)

“We delivered strong performance for our investing clients, achieving dollar-weighted average returns of 28 percent across our alternative strategies while our long only assets returned more than 29 percent, significantly ahead of the relevant benchmarks,” said Noam Gottesman, Chairman and Co-CEO of GLG. “We strengthened our extensive multi-strategy platform in terms of product breadth and distribution and not only retained but also added to our base of key investment professionals despite 2009 being a transitional year for the industry. Encouragingly, AUM flows at GLG have turned definitively positive over the past six months and looking forward, I am confident that GLG remains well-positioned to be a leading beneficiary as industry flows expand.”

“We have an outstanding team of investment professionals underpinned by a rigorous approach to investment analysis and risk management,” commented Emmanuel Roman, Co-CEO. “Together with a robust infrastructure and a high level of transparency, we are well placed to accommodate the growing client interest in GLG and enjoy the benefits of operational leverage. It is confidence in our longer-term outlook that was the basis for our investments in our people and infrastructure throughout 2009. I am pleased we are already seeing positive results from these investments.”

Table 1: Financial Highlights
(US$ in millions except per share amounts)

		Q4 2009				Q4 2008				YoYD				2009				2008				YoYD
Closing net assets under management (AUM)			22,175				15,039				47	%			22,175				15,039				47	%
Net revenues			114.8				72.7				58	%			300.9				495.0				(39	%)
GAAP net (loss) attributable to common stockholders			(75.3	)			(144.0	)			(48	%)			(319.0	)			(631.0	)			(49	%)
GAAP fully diluted EPS			(0.33	)			(0.67	)			(51	%)			(1.45	)			(2.97	)			(51	%)
Non-GAAP adjusted net income			(4.3	)			26.9				(116	%)			81.2				126.7				(36	%)
Non-GAAP adjusted net income per non-GAAP weighted average fully diluted share(2)			(0.01	)			0.09				(116	%)			0.26				0.41				(37	%)

GLG’s GAAP results include certain significant and largely non-cash expenses associated with its reverse acquisition transaction with Freedom Acquisition Holdings in November 2007. GLG’s management assesses the underlying performance of its business based on certain non-GAAP metrics which exclude expenses associated with the Freedom acquisition. These metrics are discussed in detail under “Non-GAAP Financial Measures”.

Additionally, results for the full year 2009 reflected the following significant items associated with GLG’s debt repurchase and acquisition of Société Générale Asset Management UK (“SGAM UK”):

	•		$84.8 million gain on the extinguishment of debt in the second quarter of 2009 (reducing GAAP net loss by $84.8 million and increasing non-GAAP adjusted net income by $75.0 million),
	•		$21.1 million net of tax gain related to the negative goodwill generated from the SGAM UK acquisition in the second quarter of 2009 (impact was excluded from the calculation of non-GAAP adjusted net income),
	•		$4.1 million of related acquisition and restructuring costs associated with the acquisition of SGAM UK in the second quarter of 2009 (increasing GAAP net loss by $4.1 million and reducing non-GAAP adjusted net income by $3.2 million), and
	•		$2.0 million operating loss from SGAM UK in the second quarter of 2009 (increasing GAAP net loss by $2.0 million and reducing non-GAAP adjusted net income by $2.0 million).

Assets Under Management Summary

GLG’s total net assets under management (“AUM”) as of December 31, 2009 were approximately $22.2 billion (net of assets invested from other GLG managed funds), up 2.5% from September 30, 2009 and up 47.4% from December 31, 2008.

The increase in net AUM during the three months ended December 31, 2009 was due to net inflows of $723 million, mostly reflecting interest in GLG’s alternative strategy managed accounts and modest performance gains across the GLG franchise of $18 million. The effect of currency translation decreased net AUM by $194 million in the quarter ended December 31, 2009. (See Table 2 for a net AUM roll forward and Table 3 for investment performance by strategy.)

Net inflows for the full year 2009 were positive at $3.2 billion, capturing $2.6 billion of incremental net AUM acquired with SGAM UK during the second quarter of 2009 and net inflows into GLG’s long only strategies. Investment performance for the full year 2009 was robust, reflecting broad based contributions from across the GLG franchise and increasing net AUM by $2.9 billion. The effect of currency translation increased AUM by $1.0 billion in 2009. (See Table 2 for a net AUM roll forward and Table 3 for investment performance by strategy.)

GLG’s total gross AUM (including assets invested from other GLG managed funds) was $24.4 billion as of December 31, 2009, up 1.6% from September 30, 2009 and up 47.3% from December 31, 2008.

Table 2: Assets Under Management
(US$ in millions)

		As of December 31,
		2009				2008
Alternative strategies3		$	11,501			$	12,518
Long only strategies4			12,864				4,026
Gross AUM		$	24,365			$	16,544
YoY % Change			47.3	%			(43.1	%)
Less: alternative strategy investments in GLG Funds		$	(1,088	)		$	(1,503	)
Less: long only strategy investments in GLG Funds			(1,103	)			(2	)
Net AUM		$	22,175			$	15,039
YoY % Change			47.4	%			(38.9	%)
Quarterly average net AUM5		$	21,901			$	16,160

		Three Months Ended								Year Ended
		December 31,								December 31,
		2009				2008				2009				2008
Opening Net AUM		$	21,628			$	17,280			$	15,039			$	24,612
Inflows (net of redemptions)6			723				771				3,214				(1,273	)
Performance (gains net of losses and fees)			18				(2,649	)			2,891				(7,605	)
Currency translation impact (non-US$ AUM expressed in US$)			(194	)			(364	)			1,030				(695	)
Closing Net AUM		$	22,175			$	15,039			$	22,175			$	15,039
% of Opening Net AUM
Net inflows (net of redemptions)			3.3	%			4.5	%			21.4	%			(5.2	%)
Net performance (gains net of losses and fees)7			0.1	%			(15.3	%)			19.2	%			(30.9	%)
Net currency translation impact (non-US$ expressed in US$)			(0.9	%)			(2.1	%)			6.8	%			(2.8	%)

Note: Managed accounts amounted to $11.2 billion in net AUM at December 31, 2009 and $6.1 billion in net AUM at December 31, 2008.

Table 3: Investment Performance

														January
		Q4 2009				H2 2009				2009				20107
GLG dollar-weighted average returns7:
Alternative strategies			2.8	%			13.4	%			28.1	%			1.7	%
Long only strategies			(1.0	%)			11.6	%			29.6	%			(0.5	%)
130/30 strategies			5.3	%			20.4	%			33.6	%			(1.9	%)
MSCI World Index			4.5	%			20.0	%			25.7	%			(3.6	%)
S&P 500 Index			5.9	%			22.2	%			25.6	%			(3.6	%)

Financial and Operational Summary

Fourth Quarter 2009

REVENUES

Net revenues and other income were $114.8 million, up 57.9% year-over-year, for the quarter ended December 31, 2009. Higher performance fees generated during the second half of 2009 versus the second half of 2008 offset lower management fees and drove the increase.

Performance fees were $63.9 million, up $46.1 million from the year ago period. These fees largely reflect second half performance in keeping with GLG’s policy to recognize performance fees when they crystallize, generally on June 30 and December 31 of each year. Investment performance across the GLG franchise was strong in the second half of 2009 although investment performance in prior periods limited the level of AUM that was in position to generate performance fees thereby limiting the amount of performance fees generated during the second half of 2009.

Management fees and administration, service and distribution fees totalled $50.4 million for the quarter ended December 31, 2009, down 11.3% year over year. The annualized yield on management, administration, service and distribution fees was 0.92% of average net AUM⁸, steady relative to the third quarter of 2009 and a decline of 65 basis points (“bps”) compared to the annualized yield in the fourth quarter of 2008. Greater representation in net AUM from long only funds and managed accounts which have lower management and administration fees than GLG’s alternative strategy funds drove the decline compared to the year ago period.

Other income increased by $2.4 million from the fourth quarter of 2008 to $0.5 million for the three months ended December 31, 2009 reflecting changes in the currency translation impact of a weaker U.S. dollar on non-dollar denominated cash held on GLG’s balance sheet and brokerage fees generated by the operations we acquired with the purchase of SGAM UK.

EXPENSES

GAAP compensation, benefits and profit share for the quarter ended December 31, 2009 increased to $182.8 million compared to $175.8 million in the same quarter last year. Non-GAAP compensation,

benefits and profit share (“non-GAAP CBP”) increased in the quarter ended December 31, 2009 by $93.2 million from the year ago period to $100.9 million.

Non-GAAP CBP is a financial measure not prepared under GAAP, and includes compensation, benefits and profit share but excludes Acquisition-related compensation expense described below under “Non-GAAP Financial Measures”. Please note that GLG’s compensation, benefits and profit share and non- GAAP CBP have large discretionary components and are finalized based primarily on full year performance as at December 31 of each year.

The total level of non-GAAP CBP when expressed as a percentage of revenues and other income rose 77 percentage points to 87.9% in the quarter ended December 31, 2009 from the same period last year. The higher non-GAAP CBP to revenue ratio in the quarter when compared to the 2008 fourth quarter is driven by full year results and reflects 2009’s stronger investment performance broadly, a lower percentage of total net AUM in a position to generate performance fees, and lower management and administration fee yields.

General, administrative, and other expenses for the quarter ended December 31, 2009 decreased 39.6% from the year ago period to $19.5 million. The decrease is mainly the result of targeted cost cutting initiatives established in the fourth quarter of 2008 and the reversal of a $2.5 million litigation reserve, partially offset by the addition of expenses from the operations acquired with SGAM UK.

Net interest expense was $2.7 million during the quarter ended December 31, 2009. Net interest expense reflects the cost of borrowings under GLG’s term loan, revolving credit facilities and convertible notes, offset by the amortization of the deferred portion of the gain on debt restructuring and interest income on cash balances.

Realized losses on available-for-sale investments were $1.7 million in the fourth quarter of 2009 which relates to investments made in GLG funds on behalf of participants in GLG’s equity participation plan. These investments are consolidated on GLG’s balance sheet under GAAP but gains and losses on them are excluded from the calculation of non-GAAP adjusted net income, as the gains or losses on these investments flow to the participants in the plan.

Full Year 2009

REVENUES

Net revenues and other income for the full year 2009 decreased 39.2% from the full year 2008 to $300.9 million. The greater proportion of net AUM from long only funds and managed accounts which have lower management and administration fees than GLG’s alternative strategy funds was the primary driver of the decline compared to the prior year.

Performance fees for the full year 2009 were $114.6 million versus $107.5 million for 2008 despite generally much stronger investment performance across the GLG franchise in 2009. A lower level of AUM with performance fee features and investment performance in prior periods, principally 2008, limited the level of AUM that was in position to generate performance fees in 2009 and thereby limited the performance fees generated in 2009.

For the full year 2009, management fees and administration, service and distribution fees totaled $178.2 million, down 53.9% from 2008. The yield on management, administration, service and distribution fees was 0.96% of average net AUM⁸, a decline of 94 bps compared to the yield in 2008. The reduction reflects a greater representation in net AUM from long only funds and managed accounts which have lower management and administration fees than GLG’s alternative strategy funds.

For the full year 2009, other income rose by $7.5 million from 2008 to $8.1 million. Other income benefited from the currency translation impact of a weaker U.S. dollar on non-dollar denominated cash held on GLG’s balance sheet and brokerage fees acquired with the purchase of SGAM UK.

EXPENSES

For the full year 2009, GAAP compensation, benefits and profit share decreased to $638.0 million compared to $952.9 million in 2008 on lower levels of Acquisition-related compensation expense, a function of GLG’s lower share price and vesting schedules.

Full year 2009 non-GAAP CBP decreased by 3.0% from 2008 to $190.4 million reflecting a balance between the discretionary compensation tied to the strong investment performance generated for GLG’s clients and the discipline required with lower overall revenues. The total level of non-GAAP CBP when expressed as a percentage of revenues and other income rose 24 percentage points to 63.3% in the full year 2009 when compared to 2008 and increased 6 percentage points when compared with the average for 2007 and 2006. Restructuring costs tied to the acquisition of SGAM UK added $3.3 million (1.1% when expressed as a percentage of revenues and other income) to GAAP compensation, benefits and profit share and non-GAAP CBP for the full year 2009.

General, administrative, and other expenses decreased 26.1% year-over-year for the full year 2009 to $90.9 million reflecting cost cutting initiatives implemented in late 2008, partially offset by additional expenses added with the operations acquired in the purchase of SGAM UK. Non-compensation related acquisition and restructuring costs tied to SGAM UK added $0.9 million (0.3% when expressed as a percentage of revenues and other income) to general, administrative, and other expenses for the full year 2009.

Net interest expense was $11.5 million for the full year 2009. Net interest expense captures the cost of borrowings under GLG’s term loan, revolving credit facilities and convertible notes, offset by the amortization of the deferred portion of the gain on debt restructuring and interest income on cash balances.

Realized losses on available-for-sale investments were $21.9 million during the full year 2009 which relates to investments made in GLG funds on behalf of participants in GLG’s equity participation plan. These investments are consolidated on GLG’s balance sheet under GAAP but gains and losses on them are excluded from the calculation of non-GAAP adjusted net income, as the gains or losses on these investments flow to the participants in the plan.

A net gain of approximately $75 million was recognized on the extinguishment of debt for the full year 2009 resulting from $284.5 million principal amount of debt repurchased in the second quarter of 2009 for $170.7 million (the difference between the $113.8 million discount paid to face value on the repurchase and the recorded gain in the statement of operations of $84.8 million is being amortized as a reduction of interest expense). There was also a gain in the quarter ended June 30, 2009 of $21.1 million reflecting negative goodwill from the acquisition of SGAM UK (intangible assets of $33.3 million associated with the acquisition are being amortized over the next ten years). The negative goodwill gain, related amortization and associated tax benefit are excluded from the calculation of non-GAAP adjusted net income for the full year 2009 as these items are not factored into management’s assessment of the underlying performance of GLG’s business.

Capital

As of December 31, 2009, there were 252.4 million common shares, 58.9 million FA Sub 2 Limited Exchangeable Shares, convertible notes convertible into 61.4 million common shares, and 54.5 million warrants outstanding (249.6 million common shares, 58.9 million Exchangeable Shares, convertible notes convertible into 61.4 million common shares and 54.5 million warrants, respectively, at September 30, 2009 and 245.8 million common shares, 58.9 million Exchangeable Shares, no convertible notes and 54.5 million warrants, respectively, at December 31, 2008). Approximately 0.2 million shares were repurchased and no warrants were repurchased or exercised during the fourth quarter of 2009. During the full year 2009, convertible notes convertible into 61.4 million common shares were issued, no warrants were repurchased or exercised and 29.2 million shares were repurchased for $67.4 million.

Investor/Analyst Conference Call and Webcast

GLG will hold a conference call for investors and analysts on Thursday, February 18, 2010 at 8:30 a.m. EST / 1:30 p.m. GMT hosted by Chairman of the Board and Co-Chief Executive Officer, Noam Gottesman, and Chief Financial Officer, Jeffrey Rojek. To participate by telephone, the domestic dial-in number is +1 888 680 0860 and the international dial-in number is +1 617 213 4852. The access code is 42993557.

Participants may pre-register for the call at:

https://www.theconferencingservice.com/prereg/key.process?key=PRCUU44FQ

Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection.

A live audio webcast of the teleconference will be accessible via the Investor Relations section of GLG’s website at www.glgpartners.com. The audio webcast will be available for replay in the Calendar of Events section of the website until March 18, 2010. A copy of this earnings release and the fourth quarter update investor presentation will also be available online.

To access the audio replay, which will be available until March 18, 2010, the domestic dial-in number is +1 888 286 8010 and the international dial-in number is +1 617 801 6888. The replay access code is 56495847.

About GLG

GLG Partners, Inc. is a global asset management company offering its clients a wide range of performance-oriented investment products and managed account services. Founded in 1995 and listed on the New York Stock Exchange in 2007 under the ticker symbol “GLG”, GLG is dedicated to achieving consistent, superior investment returns through traditional, alternative and hybrid investment strategies. The performance GLG generates for its clients is driven by the proven expertise of its team of investment professionals underpinned by a rigorous approach to investment analysis and a strong focus on risk management. GLG managed net AUM of $22.2 billion as of December 31, 2009.

GLG maintains an Investor Relations website at www.glgpartners.com and routinely posts important information on its website for investors. Additionally, GLG uses the website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD promulgated by the SEC. These disclosures are included on GLG’s website under the section “Investor Relations – Overview”. Accordingly, investors should monitor this portion of GLG’s website, in addition to following its press releases, SEC filings and public conference calls and webcasts.

Forward-looking Statements

This press release contains statements relating to future results that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Words such as “will” and other statements that are not statements of historical fact are intended to identify 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: the volatility in the financial markets; GLG’s financial performance; 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 impact of net inflows on GLG’s mix of assets under management and the associated impacts on revenues; 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; operational risk, including counterparty 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, investment in derivatives, availability

of credit, interest rates and currency fluctuations; as well as other risks and uncertainties, including those set forth in GLG’s filings with the Securities and Exchange Commission. 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, except as required by law.

Nothing in this press release should be construed as or is intended to be a solicitation for or an offer to provide investment advisory services.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or loans, nor shall there be any offer or sale of securities or loans in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Contacts

Investors / Analysts:

Jeffrey Rojek
Chief Financial Officer
+1 212 224 7245
jeffrey.rojek@glgpartners.com

Michael Hodes
Director of Public Markets
+1 212 224 7223
michael.hodes@glgpartners.com

Shirley Chan
Associate of Public Markets
+1 212 224 7257
shirley.chan@glgpartners.com

Media:

David Waller
Director of Communications
+44 207 016 7015
david.waller@glgpartners.com

Ryan O’Keeffe
Finsbury
+1 212 303 7600
glg@finsbury

Non-GAAP Financial Measures

GLG presents certain financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (GAAP), in addition to financial results prepared in accordance with GAAP.

Non-GAAP compensation, benefits and profit share: GLG’s management assesses its personnel-related expenses based on the measure non-GAAP compensation, benefits and profit share, or non-GAAP CBP. Non-GAAP CBP reflects GAAP compensation, benefits and profit share adjusted to exclude Acquisition-related compensation expense in connection with the acquisition by Freedom Acquisition Holdings Inc. (“Freedom”) of GLG Partners LP and associated entities in November 2007. A reconciliation of non-GAAP CBP to GAAP compensation, benefits and profit share is provided in the following pages.

Acquisition-related compensation expense reflects GAAP accounting for two primary items: (1) the Agreement Among the Principals and Trustees, which is a retention-driven agreement that requires GLG’s three principals and their related trusts to forfeit a formula-based percentage of their ownership interests in GLG to the remaining principals and their related trusts if one of them were to leave GLG prior to the fifth anniversary of the acquisition (i.e. November 2012); and (2) the broadening of key personnel and employee ownership in GLG with respect to: (i) 15% of the total consideration paid for the GLG business in the acquisition (i.e. $150 million in cash and 33 million shares) which was awarded to fully consolidated partnerships (Sage Summit LP and Lavender Heights Capital LP) whose limited partners are key personnel of GLG; (ii) ten million shares issued in the acquisition which were allocated to awards for the benefit of employees, service providers and certain key personnel under the Restricted Stock Plan; and (iii) approximately 250,000 shares which were allocated for the benefit of employees and certain key personnel under the 2007 Long-Term Incentive Plan at the closing of the acquisition.

The expenses associated with the Agreement Among the Principals and Trustees are non-cash, have been the largest component of the Acquisition-related compensation expense and will end in 2012. Any forfeited shares will not return to nor benefit GLG.

Management believes Acquisition-related compensation expense does not reflect GLG’s ongoing core business operations and compensation expense and excludes such amounts for assessing GLG’s ongoing core business performance.

Non-GAAP CBP is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP compensation, benefits and profit share.

Non-GAAP Adjusted Net Income: GLG’s management assesses the underlying performance of its business based on the measure “non-GAAP adjusted net income,” which adjusts GAAP net loss before non-controlling interests for (1) the Acquisition-related compensation expense, (2) to the extent that GLG records a tax benefit in connection with Acquisition-related compensation that is tax deductible for GAAP purposes, the impact of that tax benefit in calculating non-GAAP adjusted net income, (3) any gains or losses realized from investments in GLG Funds held for the benefit of equity participation plan participants in connection with the Acquisition, (4) the cumulative dividends payable to the holders of exchangeable shares of GLG’s FA Sub 2 Limited subsidiary in respect of its estimate of the net taxable income of FA Sub 2 Limited allocable to such holders multiplied by an assumed tax rate, (5) the gain on business combination arising from the purchase of SGAM UK, and (6) amortization of the intangible assets recognized in relation to the acquired management contracts of SGAM UK and its associated tax effect. The definition of adjusted net income was modified in the second quarter of 2009 to reflect certain additional adjustments arising from the SGAM UK acquisition, as these items are not factored into management’s assessment of the underlying performance of GLG’s business. A reconciliation of non-GAAP adjusted net income to GAAP net loss before non-controlling interests is provided in the following pages.

For periods in which the conversion of the convertible notes would be dilutive and the underlying shares are included in the non-GAAP weighted average fully diluted share count, GLG’s management further adjusts the non-GAAP adjusted net income measure to add back the amount of the convertible note interest expense for the period for purposes of the non-GAAP adjusted net income per non-GAAP weighted average fully diluted share calculation.

Non-GAAP adjusted net income is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP net loss as an indicator of GLG’s operating performance or any other measures of performance derived in accordance with GAAP.

Non-GAAP Weighted Average Fully Diluted Shares: GLG’s management assesses business performance per share based on the measure “non-GAAP weighted average fully diluted shares,” which adjusts average fully diluted shares outstanding under GAAP for (1) the unvested shares issued pursuant to GLG’s equity participation plan, which are recorded under GAAP as treasury shares, but upon which it will pay dividends to the extent it pays them on vested shares; (2) unvested shares awarded under GLG’s 2007 Restricted Stock Plan and Long-Term Incentive Plans upon which it will pay dividends to the extent it pays them on vested shares; (3) the exchange of the FA Sub 2 Limited Exchangeable Shares; (4) the conversion of the convertible notes, if the conversion is dilutive; and (5) the number of shares issuable upon exercise of the warrants under the treasury stock method.

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 GLG believes that they will be helpful to investors in understanding all components of personnel-related costs of GLG’s business. GLG’s management believes that 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 economic income than does GAAP net loss primarily because of the adjustments described under “Non-GAAP Adjusted Net Income” above. In addition, GLG uses these non-GAAP financial measures in its evaluation of its core results of operations and trends between fiscal periods and believes these measures are an important component of its internal performance measurement process. GLG also prepares forecasts for future periods on a basis consistent with these non-GAAP financial measures.

Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of performance prepared in accordance with GAAP. The non-GAAP financial measures presented by GLG may be different from financial measures used by other companies.

APPENDIX

Alternative Strategy Dollar-Weighted Average Returns

GLG alternative strategy dollar-weighted average returns are calculated as the composite performance of the alternative funds listed below and funds that have closed, in addition to managed accounts managed in accordance with alternative strategies, weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:

GLG ALPHA SELECT FUND
GLG ATLAS GLOBAL MACRO FUND
GLG ATLAS VALUE & RECOVERY FUND
GLG CONSUMER FUND
GLG CONVERTIBLE OPPORTUNITY FUND
GLG CREDIT FUND
GLG EMERGING CURRENCY AND FIXED INCOME FUND
GLG EMERGING EQUITY FUND
GLG EMERGING MARKETS CREDIT OPPORTUNITY FUND
GLG EMERGING MARKETS FUND
GLG EMERGING MARKETS OPPORTUNITIES FUND
GLG ESPRIT FUND
GLG EUROPEAN DISTRESSED FUND
GLG EUROPEAN LONG-SHORT FUND
GLG EUROPEAN OPPORTUNITY FUND
GLG EVENT DRIVEN FUND
GLG FINANCIALS FUND
GLG GLOBAL CONVERTIBLE FUND
GLG GLOBAL EQUITY TACTICAL FUND
GLG GLOBAL MINING FUND
GLG GLOBAL UTILITIES FUND
GLG MARKET NEUTRAL FUND
GLG NORTH AMERICAN OPPORTUNITY FUND
GLG PENDRAGON EVENT DRIVEN FUND
GLG SELECT OPPORTUNITIES FUND
GLG TECHNOLOGY FUND

For the month of January 2010, dollar-weighted average returns are based on estimated month-end NAVs of the funds listed above as at January 29, 2010.

Long Only Strategy Dollar-Weighted Average Returns

GLG long only strategy dollar-weighted average returns are calculated as the composite performance of the long only funds listed below and funds that have closed, in addition to managed accounts managed in accordance with a long only strategy (except those over which GLG does not exercise full control), weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:

GLG AMERICAN GROWTH FUND
GLG ASIA-PACIFIC FUND
GLG BALANCED FUND
GLG CAPITAL APPRECIATION (DIST) FUND
GLG CAPITAL APPRECIATION FUND
GLG CONTINENTAL EUROPE FUND
GLG EAFE (INST) II FUND
GLG ENVIRONMENT FUND
GLG EUROPEAN EQUITY FUND
GLG GLOBAL CONVERTIBLE UCITS (DIST) FUND
GLG GLOBAL CONVERTIBLE UCITS FUND
GLG GLOBAL EMERGING MARKET FUND
GLG INTERNATIONAL SMALL CAP FUND
GLG JAPAN CORE ALPHA FUND
GLG NORTH AMERICAN EQUITY FUND
GLG PERFORMANCE (DIST) FUND
GLG PERFORMANCE (INST) II FUND
GLG PERFORMANCE FUND
GLG TECHNOLOGY EQUITY FUND
GLG UK GROWTH FUND
GLG UK INCOME FUND
GLG UK SELECT EQUITY FUND
GLG UK SELECT FUND
GLG US RELATIVE VALUE FUND
OCEAN EQUITY EASTERN EUROPE FUND
OCEAN EQUITY MENA OPPORTUNITIES FUND
OCEAN EQUITY GCC OPPORTUNITIES FUND
SGAM EQUITY CONCENTRATED EUROLAND FUND
SGAM EQUITY CONCENTRATED EUROPE FUND
SGAM EQUITY EMERGING EUROPE FUND
SGAM EQUITY EUROLAND FUND
SGAM EQUITY GLOBAL EMERGING FUND
SGAM EQUITY JAPAN CORE ALPHA FUND
SGAM EQUITY MENA FUND
SGAM INVEST EURO ACTION FUND
SGAM INVEST EUROPE ACTION FUND
SGAM INVEST GLOBAL TECHNOLOGY FUND
SGAM OASIS MENA FUND

For the month of January 2010, dollar-weighted average returns are based on final and estimated month-end NAVs of the funds listed above as at January 29, 2010.

130 / 30 or Similar Strategy Dollar-Weighted Average Returns

GLG 130 / 30 or similar strategy dollar-weighted average returns are calculated as the composite performance of the funds listed below, in addition to managed accounts managed in accordance with a 130 / 30 or similar strategy, weighted by the sum of month-end AUM and net inflows on the subsequent dealing day:

GLG EMERGING MARKETS FIXED INCOME & CURRENCY (UCITS III) FUND
GLG EMERGING MARKETS EQUITY (UCITS III) FUND
GLG EMERGING MARKETS EQUITY II (UCITS III) FUND
GLG EMERGING MARKETS CREDIT OPPORTUNITY (UCITS III) FUND
GLG EMERGING MARKETS (UCITS III) FUND
GLG PURE ALPHA (UCITS III) FUND

For the month of January 2010, dollar-weighted average returns are based on final month-end NAVs of the funds listed above as at January 29, 2010.

SOURCE:      GLG Partners, Inc.

GLG Partners, Inc.
Consolidated Balance Sheets
(US$ in thousands; US GAAP)

		As of December 31,				As of December 31,
		2009				2008
Assets
Current Assets
Cash and cash equivalents		$	263,782			$	316,195
Restricted cash			5,746				13,315
Fees receivable			104,541				42,106
Prepaid expenses and other assets			45,840				32,751
Total Current Assets			419,909				404,367
Non-Current Assets
Investments (at fair value)			22,048				65,484
Intangible assets			34,153				—
Goodwill			587				587
Other non-current assets			11,228				3,868
Property, plant and equipment, net			12,856				14,076
Total Non-Current Assets			80,872				84,015
Total Assets		$	500,781			$	488,382
Liabilities and Stockholders’ Equity
Current Liabilities
Rebates and sub-administration fees payable		$	19,717			$	26,234
Accrued compensation, benefits and profit share			138,686				148,531
Income taxes payable			9,095				15,633
Distribution payable			6,840				7,592
Accounts payable and other accruals			52,006				47,176
Revolving credit facility			12,281				40,000
Other liabilities			13,886				50,765
Total Current Liabilities		$	252,511			$	335,931
Non-Current Liabilities
Deferred Tax Liability			10,448				—
Loans Payable			292,891				530,000
Convertible notes			228,500				—
Total Non-Current Liabilities			531,839				530,000
Total Liabilities		$	784,350			$	865,931
Stockholders’ equity
Common stock, $.0001 par value; 1,000,000,000 authorized, 252,358,619 issued and outstanding (2008: 245,784,390 issued and outstanding)		$	24			$	24
Additional Paid in Capital			1,450,151				1,176,054
Treasury Stock, 14,101,424 (2008: 21,418,568) shares of common stock(1)			(193,189	)			(293,434	)
Series A voting preferred stock; 150,000,000 authorized, 58,904,993 issued and outstanding (2008: 58,904,993 issued and outstanding)			6				6
Accumulated deficit			(1,562,009	)			(1,243,058	)
Accumulated other comprehensive income			7,250				(17,141	)
Non-controlling Interests			14,198				—
Total stockholders’ equity			(283,569	)			(377,549	)
Total liabilities and stockholders’ equity		$	500,781			$	488,382

GLG Partners, Inc.
Consolidated Statement of Operations
(US$ in thousands, except per share amounts; US GAAP)

		Three months Ended
		December 31,
		2009				2008				% Change
Net revenues and other income
Management fees, net		$	42,527			$	48,124				(11.6	%)
Performance fees, net			63,901				17,755				—
Administration, service and distribution fees, net			7,868				8,697				(9.5	%)
Other			501				(1,870	)			—
Total net revenues and other income			114,797				72,706				57.9	%
Expenses
Compensation, benefits and profit share			182,778				175,787				4.0	%
General, administrative and other			19,455				32,233				(39.6	%)
Amortization of intangible assets			934				—				—
Third party distribution, administration and service fees			1,676				—				—
Total expenses			204,843				208,020				(1.5	%)
Loss from operations			(90,046	)			(135,314	)			(33.5	%)
Realized loss on available-for-sale investments			(1,667	)			—				—
Interest expense, net			(2,730	)			(4,503	)			(39.4	%)
Loss before income taxes			(94,443	)			(139,817	)			(32.5	%)
Income tax benefit/(expense)			3,354				(1,575	)			—
Net loss		$	(91,089	)		$	(141,392	)			(35.6	%)
Less non-controlling interests:
Share of loss			14,117				—				—
Cumulative dividends on exchangeable shares			1,674				(2,567	)			(165.2	%)
Net loss attributable to common stockholders		$	(75,298	)		$	(143,959	)			(47.7	%)
Weighted average shares outstanding, basic and diluted (in thousands)			225,498				214,809
Net loss per common share, basic and diluted		$	(0.33	)		$	(0.67	)			(50.7	%)

GLG Partners, Inc.
Consolidated Statement of Operations
(US$ in thousands, except per share amounts; US GAAP)

		Twelve Months Ended
		December 31,
		2009				2008				% Change
Net revenues and other income
Management fees, net		$	152,528			$	317,787				(52.0	%)
Performance fees, net			114,605				107,517				6.6	%
Administration, service and distribution fees, net			25,685				69,145				(62.9	%)
Other			8,056				542				—
Total net revenues and other income			300,874				494,991				(39.2	%)
Expenses
Compensation, benefits and profit share			637,995				952,916				(33.0	%)
General, administrative and other			90,907				123,049				(26.1	%)
Amortization of intangible assets			2,768				—				—
Third party distribution, administration and service fees			3,276				—				—
Total expenses			734,946				1,075,965				(31.7	%)
Loss from operations			(434,072	)			(580,974	)			(25.3	%)
Realized loss on available-for-sale investments			(21,855	)			—				—
Gain on debt extinguishment			84,821				—				—
Gain on business combination-negative goodwill			21,122				—				—
Interest expense, net			(11,503	)			(16,613	)			(30.8	%)
Loss before income taxes			(361,487	)			(597,587	)			(39.5	%)
Income tax benefit/(expense)			2,102				(14,231	)			(114.8	%)
Net loss		$	(359,385	)		$	(611,818	)			(41.3	%)
Less non-controlling interests:
Share of loss			49,978				—				—
Cumulative dividends on exchangeable shares			(9,544	)			(14,761	)			(35.3	%)
Exchangeable shares dividend			—				(4,418	)			(100.0	%)
Net loss attributable to common stockholders		$	(318,951	)		$	(630,997	)			(49.5	%)
Weighted average shares outstanding, basic and diluted (in thousands)			219,953				212,225
Net loss per common share, basic and diluted		$	(1.45	)		$	(2.97	)			(51.2	%)

GLG Partners, Inc.
Consolidated Statements of Cash Flows
(US$ in thousands; US GAAP)

		Twelve Months Ended December 31,
		2009				2008
Net cash (used in) / provided by operating activities		$	(91,232	)		$	77,279
Net cash provided by investing activities			57,981				7,549
Net cash used in financing activities			(23,602	)			(177,406	)
Net decrease in cash and cash equivalents			(56,853	)			(92,578	)
Effect of foreign currency translation on cash			4,440				(20,649	)
Cash and cash equivalents at beginning of period			316,195				429,422
Cash and cash equivalents at end of period		$	263,782			$	316,195

GLG Partners, Inc.
Non-GAAP Adjusted Net Income for Three Months ended December 31, 2009 and December 31, 2008
(US$ in thousands)

		Three Months Ended
		December 31,
		2009				2008				% Change
Derivation of non-GAAP adjusted net income
GAAP net loss		$	(91,089	)		$	(141,392	)			(35.6	%)
Add/(Deduct): Cumulative dividends			1,674				(2,567	)			(165.2	%)
Add: Acquisition-related compensation expense			81,907				168,138				(51.3	%)
Add/(Deduct): Tax effect of Acquisition-related compensation expense			847				2,676				(68.4	%)
Add: Amortization of intangible assets			934				—				—
Add: Realized loss on available-for-sale investments			1,667				—				—
Deduct: Tax effect of amortization of intangible assets			(261	)			—				—
Non-GAAP adjusted net income		$	(4,321	)		$	26,855				(116.1	%)
Non-GAAP adjusted net income per non-GAAP weighted average fully diluted share(1)			(0.01	)			0.09				(115.9	%)
Non-GAAP weighted average fully diluted shares(1)			310,111				306,168

GLG Partners, Inc.
Non-GAAP Expenses for Three Months ended December 31, 2009 and December 31, 2008
(US$ in thousands)

		Three Months Ended
		December 31,
		2009				2008				% Change
Non-GAAP expenses
Compensation, benefits and profit share		$	182,778			$	175,787				4.0	%
Less: Acquisition-related compensation expense			(81,907	)			(168,138	)			(51.3	%)
Non-GAAP compensation, benefits and profit share (CBP)		$	100,871			$	7,649				—
Third party distribution, service and advisory			1,676				—				—
GAAP general, administrative and other			19,455				32,233				(39.6	%)
Non-GAAP total expenses		$	122,002			$	39,882				205.9	%

GLG Partners, Inc.

		Twelve Months Ended
		December 31,
		2009				2008				% Change
Derivation of non-GAAP adjusted net income
GAAP net loss		$	(359,385	)		$	(611,818	)			(41.3	%)
Deduct: Cumulative dividends			(9,544	)			(14,761	)			(35.3	%)
Add: Realized loss on available-for-sale investments			21,855				—				—
Add: Acquisition-related compensation expense			447,610				756,646				(40.8	%)
Deduct: Tax effect of Acquisition-related compensation expense			(209	)			(3,334	)			(93.7	%)
Deduct: Gain on business combination — negative goodwill			(21,122	)			—				—
Add: Amortization of intangible assets			2,768				—				—
Deduct: Tax effect of amortization of intangible assets			(775	)			—				—
Non-GAAP adjusted net income		$	81,198			$	126,733				(35.9	%)
Non-GAAP adjusted net income per non-GAAP weighted average fully diluted share		$	0.26			$	0.41				(37.4	%)
Non-GAAP weighted average fully diluted shares(1)			346,463				308,796

GLG Partners, Inc.
Non-GAAP Expenses for Twelve Months ended December 31, 2009 and December 31, 2008
(US$ in thousands)

		Twelve Months Ended
		December 31,
		2009				2008				% Change
Non-GAAP expenses
Compensation, benefits and profit share		$	637,995			$	952,916				(33.0	%)
Add: Acquisition-related compensation expense			(447,610	)			(756,646	)			(40.8	%)
Non-GAAP compensation, benefits and profit share (CBP)		$	190,385			$	196,270				(3.0	%)
Third party distribution, service and advisory			3,276				—				—
GAAP general, administrative and other			90,907				123,049				(26.1	%)
Non-GAAP total expenses		$	284,568			$	319,319				(10.9	%)

GLG Partners, Inc.

Financial Supplement

(US$ in millions)		2009				2008				Q4 2009				Q4 2008
Opening Net AUM		$	15,039			$	24,612			$	21,628			$	17,280
Inflows (net of redemptions)			3,214				(1,273	)			723				771
Performance (gains net of losses and fees)			2,891				(7,605	)			18				(2,649	)
Currency translation impact (non-US$ AUM expressed in US$)			1,030				(695	)			(194	)			(364	)
Closing Net AUM			22,175				15,039				22,175				15,039
Closing Gross AUM			24,365				16,544				24,365				16,544
Average net AUM(1)			18,643				21,049				21,901				16,160
(USD in thousands, except per share amounts)
Management fees, net		$	152,528			$	317,787			$	42,527			$	48,124
Performance fees, net			114,605				107,517				63,901				17,755
Administration, service and distribution fees, net			25,685				69,145				7,868				8,697
Other			8,056				542				501				(1,870	)
Total net revenues and other income		$	300,874			$	494,991			$	114,797			$	72,706
Compensation, benefits and profit share			637,995				952,916				182,778				175,787
General, administrative and other			90,907				123,049				19,455				32,233
Amortization of intangible assets			2,768				—				934				—
Third party distribution, service and advisory			3,276				—				1,676				—
Interest expense, net			11,503				16,613				2,730				4,503
Realized loss on available-for-sale investments			21,855				—				1,667				—
Gain on debt extinguishment			(84,821	)			—				—				—
Gain on business combination — negative goodwill			(21,122	)			—				—				—
Income tax expense / (benefit)			(2,102	)			14,231				(3,354	)			1,575
GAAP net income before non-controlling interests		$	(359,385	)		$	(611,818	)		$	(91,089	)		$	(141,392	)
Add: Realized loss on available-for-sale investments			21,855				—				1,667				—
Add: Acquisition-related compensation expense			447,610				756,646				81,907				168,138
Less: Cumulative dividends			(9,544	)			(14,761	)			1,674				(2,567	)
Less: Tax effect of Acquisition-related compensation expense			(209	)			(3,334	)			847				2,676
Less: Gain on business combination — negative goodwill			(21,122	)			—				—				—
Add: Amortization of intangible assets			2,768				—				934				—
Less: Tax effect of amortization of intangible assets			(775	)			—				(261	)			—
Non-GAAP adjusted net income(2)		$	81,198			$	126,733			$	(4,321	)		$	26,855
Non-GAAP weighted average fully diluted shares(3)			346,463				308,796				310,111				306,168
Non-GAAP adjusted net income per non-GAAP weighted average fully diluted share(3)			0.26				0.41				(0.01	)			0.09
Management fees and Administration, service and distribution fees / Average net AUM(4)			0.96	%			1.90	%			0.92	%			1.57	%
Total net revenues and other income / Average net AUM(4)			1.61	%			2.43	%			2.10	%			2.00	%
Compensation, benefits and profit share less Acquisition-related compensation expense (“CBP”) / Total net revenues and other income			63.3	%			39.7	%			87.9	%			10.5	%
General, administrative and other expenses / Average net AUM(4)			0.5	%			0.6	%			0.4	%			0.8	%
Non-GAAP adjusted net income(2)/ Total net revenues and other income			27.0	%			25.6	%			(3.8	%)			36.9	%
Effective tax rate (sum of income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense and amortization of intangible assets / sum of adjusted net income, income taxes, cumulative dividends and tax effect of Acquisition-related compensation expense and amortization of intangible assets)			9.4	%			20.3	%			56.5	%			5.2	%

GLG Partners, Inc.
Share Count Reconciliation: GAAP Weighted Average Fully Diluted Shares to
Non-GAAP Weighted Average Fully Diluted Share Count
(Share count in thousands)

		2009				2008				Q4 2009				Q4 2008
Outstanding
Common stock (including Treasury Stock)(1)			242,537				238,124				242,537				238,124
Unvested shares			9,822				7,660				9,822				7,660
Total issued and outstanding common stock			252,359				245,784				252,359				245,784
FA Sub 2 Limited Exchangeable Shares			58,905				58,905				58,905				58,905
Warrants			54,485				54,485				54,485				54,485
Convertible Notes			61,425				—				61,425				—
Weighted Average Outstanding
Common stock (excluding Treasury Stock)			219,953				212,225				225,498				214,809
Unvested shares			9,250				9,322				9,887				8,613
FA Sub 2 Limited Exchangeable Shares			58,905				58,905				58,905				58,905
Warrants			54,485				54,894				54,485				54,485
Convertible Notes			38,449				—				—				—
GAAP Weighted Average Fully Diluted Share Count
Common stock			219,953				212,225				225,498				214,809
Unvested shares			—				—				—				—
FA Sub 2 Limited Exchangeable Shares			—				—				—				—
Warrants			—				—				—				—
Total			219,953				212,225				225,498				214,809
Non-GAAP adjustments to weighted average fully diluted share count
Common stock:
GAAP weighted average fully diluted share count			219,953				212,225				225,498				214,809
add: unvested shares issued pursuant to equity participation plan, Restricted Stock Plan and LTIP on which dividends will be paid to the extent they are paid on vested shares			29,156				35,019				25,708				32,454
Non-GAAP weighted average fully diluted share count			249,109				247,244				251,206				247,263
FA Sub 2 Limited Exchangeable Shares:
GAAP weighted average fully diluted share count			—				—				—				—
add: inclusion of Exchangeable Shares as dilutive			58,905				58,905				58,905				58,905
Non-GAAP weighted average fully diluted share count			58,905				58,905				58,905				58,905
Warrants:
GAAP weighted average fully diluted share count(1)(2)			—				2,647				—				—
Non-GAAP weighted average fully diluted share count outstanding			—				2,647				—				—
Convertible Notes
GAAP weighted average fully diluted share count			—				—				—				—
add: inclusion of weighted average shares under convertible notes as dilutive			38,449				—				—				—
Non-GAAP weighted average fully diluted share count outstanding			38,449				—				—				—
Non-GAAP Weighted Average Fully Diluted Share Count(1)
Common stock			249,109				247,244				251,206				247,263
FA Sub 2 Limited Exchangeable Shares			58,905				58,905				58,905				58,905
Warrants			—				2,647				—				—
Convertible Notes			38,449				—				—				—
Total			346,463				308,796				310,111				306,168
Equity Market Capitalization (US$ in Thousands)
Common equity market capitalization(2)		$	1,002,270			$	693,505			$	1,002,270			$	693,505
Warrant market capitalization			9,262				2,724				9,262				2,724
Total equity capitalization(2)		$	1,011,533			$	696,229			$	1,011,533			$	696,229

GLG Partners, Inc.
Composition of Assets Under Management
(US$ millions)

		As of				As of				As of				As of				As of
		December 31, 2009				September 30, 2009				June 30, 2009				March 31, 2009				December 31, 2008
Alternative strategies(1)			11,501				10,924				10,441				9,843				12,518
Long only strategies(2)			12,864				13,069				11,131				5,576				4,026
Gross AUM		$	24,365			$	23,993			$	21,572			$	15,419			$	16,544
Less: alternative strategy investments in GLG Funds			(1,088	)			(1,266	)			(1,456	)			(1,388	)			(1,503	)
Less: long only strategy investments in GLG Funds			(1,103	)			(1,099	)			(1,022	)							(2	)
Net AUM		$	22,175			$	21,628			$	19,094			$	14,031			$	15,039
Quarterly average gross AUM		$	24,179			$	22,782			$	18,495			$	15,982			$	18,848
Quarterly average net AUM(3)		$	21,901			$	20,361			$	18,840			$	11,519			$	16,160

		Three months ended				Three months ended				Three months ended				Three months ended				Three months ended
		December 31, 2009				September 30, 2009				June 30, 2009				March 31, 2009				December 31, 2008
Opening net AUM		$	21,628			$	19,094			$	14,031			$	15,039			$	17,280
Inflows (net of redemptions)(4)			723				216				2,226				50				771
Performance (gains net of losses and fees)			18				1,883				1,797				(807	)			(2,649	)
Currency translation impact (non-US$ AUM expressed in US$)			(194	)			435				1,040				(251	)			364
Closing net AUM		$	22,175			$	21,628			$	19,094			$	14,031			$	15,039