NEW YORK (Reuters) - Noam Gottesman, chief executive of GLG Partners, revealed on Wednesday that he bought 1 million shares in the London and New York-based hedge fund group.
The purchase comes two days after GLG Partners GLG.N said Italy’s Banca Fideuram awarded it a contract to manage $3 billion (1.5 billion pounds) for its asset management division, a move that will increase GLG’s assets to about $27 billion.
In a U.S. Securities and Exchange Commission filing, Gottesman said he bought the shares on May 20 for $8.15 a share, for a total purchase price of more than $8 million.
This is the first time Gottesman has directly bought shares of the firm on the open market, according to insider filing tracker InsiderScore.
GLG Partners shares, which closed up 3.6 percent at $8.44 on Wednesday, are down 37 percent year-to-date.