GLG, the UK-based hedge fund, unveiled losses for the first half after accounting for non-cash expenses and a drop in performance fees.

The group, which listed in New York last November, reported losses of $307.7m for the six months to June against profits of $138.5m in the first half of 2007.

Losses in the second quarter reached $85.5m on a drop of 55 per cent in revenues to $188m against the second quarter of 2007.

Assets under management rose 27 per cent in the first six months of the year against last year, but remained static at about $24bn in the six months from December to June.