Structured credit fallout continues with losses at GLG

New Angles

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The first high-profile hedge fund casualty of the recent turmoil in the structured credit market emerged last month. In a private letter to investors, London-based GLG Partners, one of Europe's largest hedge fund managers, effectively blamed a 14.5% drop in its Credit Fund in May on losses made in the structured credit market.

"A 14.5% loss is not ideal," says one source close to the firm. "There will probably be some redemptions, but GLG has exited the [problematic] positions and

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