GLG Partners, a large hedge fund company, lost $120m in the first quarter of this year, almost half the $226m loss for the same quarter last year, as it continued to record costs related to its initial public offering 18 months ago.

GLG’s assets under management fell to $14bn, 43 per cent lower than the same quarter in 2008. The group said it had “modestly positive” inflows during the quarter, but these were offset by performance losses.