GLG Partners 8-K GLG Partners Reports Second Quarter 2007 Earnings

Exhibit 99.1

GLG PARTNERS REPORTS SECOND QUARTER 2007 EARNINGS

• Net income of $309 million; Adjusted net income of $125 million, up 106% from Q2 2006

• Net assets under management of $18.6 billion, up 38% from Q2 2006

• Total inflows of $1.7 billion during Q2 2007, including managed account inflows and gross fund-based inflows

London,August 3, 2007 — GLG Partners (GLG), a leading alternative asset manager, today reported net income of $309 million for the quarter ended June 30, 2007 and $329 million for the first half of 2007. Adjusted net income (net income less limited partner profit share) was $125 million, up 106% year-over-year, for the quarter ended June 30, 2007 and $139 million, up 89% year-over-year, for the first half of 2007.

GLG’s net assets under management as of June 30, 2007 reached $18.6 billion (net of assets invested from other GLG managed funds), up 16% from March 31, 2007 and 38% from June 30, 2006. GLG’s gross assets under management (including assets invested from other GLG managed funds) were $21.5 billion at June 30, 2007, up 15% from March 31, 2007 and 38% from June 30, 2006. A combination of strong performance across the GLG managed funds and healthy inflows drove the growth in assets under management (AUM) as set forth below in Table 1.

“The second quarter saw strong performance across the funds we manage, as well as continued growth in inflows”, said Noam Gottesman, Founder, Managing Director and Co-CEO of GLG. “This strong performance, together with the recently announced transaction with Freedom Acquisition Holdings and strategic investments by Istithmar and Sal. Oppenheim, position us well for the future expansion and growth of our business.”

Table 1: Assets Under Management
(USD in millions)

	As of June 30,
	2007			2006
Gross Fund-Based AUM	$	19,485		$	14,351
Managed Accounts AUM		1,843			937
Cash and Other Securities		194			339
Gross AUM	$	21,522		$	15,627
YoY % Change		38	%
Net AUM	$	18,585		$	13,467
YoY % Change		38	%

	Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
Opening Gross Fund-Based AUM	$	17,060		$	12,934		$	16,053		$	11,484
Fund-based inflows (net of redemptions)		1,393			1,407			1,552			1,613
Fund-based net performance (gains net of losses)		1,032			10			1,880			1,254
Closing Gross Fund-Based AUM	$	19,485		$	14,351		$	19,485		$	14,351
% of Opening Gross Fund-Based AUM
Gross Fund-based inflows (net of redemptions)		8.2	%		10.9	%		9.7	%		14.0	%
Gross Fund-based net performance (gains net of losses)		6.0	%		0.1	%		11.7	%		10.9	%
Opening Managed Accounts AUM	$	1,398		$	505		$	1,233		$	335
Inflows (net of redemptions)		351			536			419			670
Net performance (gains net of losses)		94			(104	)		191			(68	)
Closing Managed Accounts AUM	$	1,843		$	937		$	1,843		$	937
% of Opening Managed Accounts AUM
Inflows (net of redemptions)		25.1	%		106.1	%		34.0	%		200.0	%
Net Performance (gains net of losses)		6.7	%		(20.6	%)		15.5	%		(20.3	%)

Note: Net performance is based on both opening AUM and inflows during the period and can be influenced by heavy inflows.

Financial Summary

For Q2 2007, net revenues and other income was up 84% to $418 million compared to $227 million in the same quarter last year, primarily due to increased management and performance fees as a result of strong inflows and solid performance across the GLG managed funds. First half 2007 net revenues and other income increased 77% over the first half of 2006 to $491 million.

Performance fees rose 97% year-over-year in Q2 2007 to $341 million on a 37% rise in average net AUM from the same quarter last year. It is our practice to recognize

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performance fees when they crystallize, generally on June 30 and December 31 of each year. Accordingly, Q2’s performance fees largely reflect first half performance.

Management and administration fees totaled $77 million, or 1.8% of average net AUM for Q2 2007, increases of 42% and 6 basis points (bps), respectively, from Q2 2006. For the first half of 2007, management and administration fees totaled $147 million, or 1.8% of average net AUM, increases of 49% and 10 bps, respectively, over the first half of 2006.

The total level of comprehensive limited partner profit share, compensation and benefits (“PSCB”) rose by 72% for Q2 2007 to $241 million, although this represented a reduction of 420 bps to 58% when expressed as a percentage of revenues for the same period last year. PSCB is a financial measure not prepared under U.S. generally accepted accounting principles, or GAAP, and includes limited partner profit share as described below under “Non-GAAP Financial Measures.” Employee compensation and benefits for Q2 2007 fell by 36% to $57 million compared to $88 million in the same quarter last year, as certain key employees ceased to be employees when GLG established its limited partner profit share arrangement at the end of Q2 2006.

Please note that compensation expense and limited partner profit share tied to fund performance is only recognized when the related performance fees crystallize, generally on June 30 and December 31 of each year. Consequently, the portion of Q2’s compensation expense and limited partner profit share tied to performance largely reflects first half performance.

PSCB for the first half of 2007 rose by 64% to $272 million but fell by roughly 455 bps to 55% when expressed as a percentage of revenues when compared with the same period a year ago. Employee compensation and benefits for the first half of 2007 fell by 29% year-over-year to $82 million as a result of certain key personnel ceasing to be employees when GLG established its limited partner profit share arrangement at the end of June 2006.

General, administrative, and other expenses for Q2 2007 increased 78% year-over-year to $28 million but fell slightly as a percentage of revenues to 6.7%. For the first half of 2007, these expenses rose 97% year-over-year to $54 million, or by 110 bps to 11% when expressed as a percentage of revenues, reflecting increases in operating costs due to significant growth in the business as well as certain one-time costs.

“We extended our record of strong performance across the funds we manage while continuing to build the scale of our operations to accommodate growth”, said Emmanuel Roman, Co-CEO and Managing Director of GLG.

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Investor/Analyst Conference Call and Webcast

GLG will be hosting a conference call for investors and analysts today at 11:00 AM EDT (New York City) / 4:00 PM BST (Guernsey/London). The dial-in number for the live conference call is +1 334 323 6203 in the US or +44 (0)20 7162 0125 in the UK. To access a webcast of the conference call, please register via GLG’s website www.glgpartners.com.

The conference call replay can be accessed by dialing +1 954 334 0342 in the US or +44 (0)20 7031 4064 in the UK and entering access code #760644. The webcast replay of the conference call will also be available on the Company’s website at www.glgpartners.com. Both the dial-in and webcast replay of the call will be available beginning on August 3, 2007 at 2pm EST or 7pm BST until August 13th.

About GLG

GLG, the largest independent alternative asset manager in Europe and one of the largest in the world, offers its base of long-standing prestigious clients a diverse range of investment products and account management services. GLG’s focus is on preserving client’s capital and achieving consistent, superior absolute returns with low volatility and low correlations to both the equity and fixed income markets. Since its inception in 1995, GLG has built on the roots of its founders in the private wealth management industry to develop into one of the world’s largest and most recognized alternative investment managers, while maintaining its tradition of client-focused product development and customer service. As of June 30, 2007, GLG managed gross AUM of over $21 billion.

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. 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: 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 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; 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, the use of derivatives, interest rates and currency fluctuations; costs related to the proposed acquisition; failure to obtain the required approvals of stockholders of Freedom Acquisition Holdings, Inc. for the proposed acquisition transaction; and risks that the closing of the transaction is substantially delayed or that the transaction does not close, as well as other risks and uncertainties, including those set forth in the preliminary proxy statement filed by Freedom with the Securities and Exchange Commission on July 12, 2007. These forward-looking statements are made only as of the date hereof, and GLG undertakes no obligation to update or revise the

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forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

Investors/analysts:

GLG:	Simon White
	Chief Financial Officer
	+44 (0)20 7016 7000
	simon.white@glgpartners.com
	Michael Hodes
	Acting Director of Investor Relations
	+1 212 224 7223
	michael.hodes@glgpartners.com
Media:
Finsbury:	Rupert Younger/Amanda Lee
	+44 (0)20 7251 3801
	rupert.younger@finsbury.com
	amanda.lee@finsbury.com
	Andy Merrill
	+ 1 212 303 7600
	andy.merrill@finsbury.com

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GLG
Unaudited Combined Statement of Operations
(USD in thousands)

	Three Months Ended
	June 30,
							%
	2007			2006			Change
Net revenues and other income
Management fees	$	62,991		$	45,679			38	%
Performance fees		340,512			172,695			97	%
Administration fees		14,036			8,500			65	%
Other		471			(271	)	NM
Total net revenues and other income		418,010			226,603			84	%
Expenses
Employee compensation and benefits		(56,518	)		(88,404	)		(36	%)
General, administrative and other		(27,979	)		(15,696	)		78	%
		(84,497	)		(104,100	)		(19	%)
Income from operations		333,513			122,503			172	%
Interest income, net		171			939			(82	%)
Income before income taxes		333,684			123,442			170	%
Income taxes		(25,031	)		(11,499	)		118	%
GAAP Net income	$	308,653		$	111,943			176	%

	Six Months Ended
	June 30,
	2007			2006			% Change
Net revenues and other income
Management fees	$	120,334		$	82,971			45	%
Performance fees		343,032			175,946			95	%
Administration fees		26,680			15,921			68	%
Other		970			2,023		NM
Total net revenues and other income		491,016			276,861			77	%
Expenses
Employee compensation and benefits		(81,566	)		(114,459	)		(29	%)
General, administrative and other		(53,743	)		(27,285	)		97	%
		(135,309	)		(141,744	)		(5	%)
Income from operations		355,707			135,117			163	%
Interest income, net		1,647			2,574			(36	%)
Income before income taxes		357,354			137,691			160	%
Income taxes		(28,286	)		(13,000	)		118	%
GAAP Net income	$	329,068		$	124,691			164	%

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GLG
Unaudited Combined Balance Sheet
(USD in thousands)

	As of June 30,		As of December 31,
	2007		2006
Assets
Cash and cash equivalents	$	130,268	$	273,148
Investments		154		201
Fees receivable		380,157		251,963
Prepaid expenses and other assets		27,418		25,944
Property and equipment (net of accumulated depreciation and amortization of $10,972 and $10,117 respectively)		8,980		6,121
Total Assets	$	546,977	$	557,377
Liabilities and Members’ Equity
Current Liabilities
Rebates and sub-administration fees payable	$	26,147	$	19,146
Accrued compensation and benefits		47,702		102,507
Income taxes payable		29,130		25,094
Distributions payable		70,694		9,310
Accounts payable and other accruals		16,388		19,716
Other liabilities		3,653		5,100
Total Current Liabilities		193,714		180,873
Non-Current Liabilities
Loan payable		13,000		13,000
Minority Interest		1,958		1,552
Total Non-Current Liabilities		14,958		14,552
Commitments and Contingencies
Total Liabilities		208,672		195,425
Members’ Equity
Members’ equity		6,354		6,356
Retained Earnings		328,240		352,690
Accumulated other comprehensive income		3,711		2,906
Total Members’ Equity		338,305		361,952
Total Liabilities and Members’ Equity	$	546,977	$	557,377

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GLG
Non-GAAP Adjusted Net Income for Three and Six Months Ended June 30, 2007 and June 30, 2006
(USD in thousands)

	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2007			2006			% Change			2007			2006			% Change
Derivation of non-GAAP adjusted net income
GAAP Net income	$	308,653		$	111,943			176	%	$	329,068		$	124,691			164	%
Deduct: limited partner profit share		(184,047	)		(51,530	)		257	%		(190,500	)		(51,530	)		270	%
Non-GAAP adjusted net income	$	124,606		$	60,413			106	%	$	138,568		$	73,161			89	%

GLG
Non-GAAP Expenses for Three and Six Months Ended June 30, 2007 and June 30, 2006
(USD in thousands)

	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2007			2006			% Change			2007			2006			% Change
Non-GAAP expenses
GAAP employee compensation and benefits	$	(56,518	)	$	(88,404	)		(36	%)	$	(81,566	)	$	(114,459	)		(29	%)
Limited partner profit share		(184,047	)		(51,530	)		257	%		(190,500	)		(51,530	)		270	%
Non-GAAP Comprehensive limited partner profit share, compensation and benefits	$	(240,565	)	$	(139,934	)		72	%	$	(272,066	)	$	(165,989	)		64	%
GAAP General, administrative and other		(27,979	)		(15,696	)		78	%		(53,743	)		(27,285	)		97	%
Non-GAAP total expenses	$	(268,544	)	$	(155,630	)		73	%	$	(325,809	)	$	(193,274	)		69	%

Non-GAAP Financial Measures

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

Comprehensive Limited Partner Profit Share, Compensation and Benefits (“PSCB”):GLG’s management assesses its personnel-related expenses based on the measure “non-GAAP comprehensive limited partner profit share, compensation and benefits”, or non-GAAP PSCB. This non-GAAP financial measure reflects GAAP employee compensation and benefits, adjusted to include the limited partner profit shares.

Beginning in mid-2006, GLG entered into partnerships with a number of its key personnel who ceased to be employees and instead became holders of direct or indirect limited partnership interests in certain GLG entities. These individuals continue to provide services to GLG, either directly or through two limited liability partnerships. Through their partnership interests, these key individuals are entitled to profit shares in the form of priority distributions paid as partnership draws. In addition they may be entitled to an additional discretionary limited partner profit share. The key personnel that are participants in the limited partner profit share arrangement described above do not receive salaries or discretionary bonuses from GLG.

Under GAAP, limited partner profit share cannot be presented as employee compensation expense. However, management believes that it is more appropriate to treat limited partner profit share as expense when considering business performance because it reflects the cost of the services provided to GLG by these participants in the limited partner profit share arrangement. As a result, GLG presents the measure non-GAAP PSCB to show the total cost of the services provided to GLG by both participants in the limited partner profit share arrangement and employees. For purposes of this non-GAAP financial measure, GLG recognizes the limited partner profit share in the period in which the revenues related to the limited partner profit share are recognized, rather than the period in which the limited partner profit share distributions are made.

Non-GAAP PSCB is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP employee compensation and benefits.

Adjusted Net Income:GLG’s management assesses the underlying performance of its business based on the measure “adjusted net income”, which adjusts for the difference between GAAP employee compensation and benefits and non-GAAP PSCB as discussed above. Adjusted net income is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP net income as an indicator of GLG’s operating performance or any other measures of performance derived in accordance with GAAP.

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 it believes that they will be helpful to investors in understanding all components of the personnel-related costs of GLG’s business. GLG’s management believes that the 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 profits available for distribution to stockholders than does GAAP net income.

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

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GLG
Financial Supplement

(USD in millions)	1Q 2007			2Q 2007			1H 2007			LTM(1)
Gross AUM		18,655			21,522			21,522			21,522
Net AUM		16,085			18,585			18,585			18,585
Average net AUM		15,620			17,335			16,608			15,402
(USD in thousands)
Management fees		57,343			62,991			120,334			223,636
Performance fees		2,521			340,512			343,032			561,827
Administration fees		12,645			14,036			26,680			45,573
Other		498			472			970			3,985
Total net revenues and other income		73,007			418,010			491,016			835,021
Employee compensation and benefits		(25,048	)		(56,518	)		(81,566	)		(135,493	)
General, administrative and other		(25,764	)		(27,979	)		(53,743	)		(94,862	)
Net interest income		1,475			171			1,647			3,730
Income tax expense		(3,255	)		(25,031	)		(28,286	)		(44,510	)
GAAP net income		20,414			308,654			329,068			563,886
Deduct: Limited partner profit share		(6,453	)		(184,047	)		(190,500	)		(340,420	)
Non-GAAP adjusted net income(2)		13,962			124,607			138,568			223,466
Management fees and Administration fees/Avg. net AUM(3)		1.8	%		1.8	%		1.8	%		1.7	%
Total net revenues and other income/Avg. net AUM(3)		1.9	%		9.6	%		5.9	%		5.4	%
Employee compensation and benefits and Limited partner profit share/ Total net revenues and other income		43	%		58	%		55	%		57	%
General, administrative and other expenses/Total net revenues and other income		35	%		7	%		11	%		11	%
Non-GAAP adjusted net income/Total net revenues and other income		19	%		30	%		28	%		27	%
Effective income tax rate		19	%		17	%		17	%		17	%

(1)	LTM period is July 1, 2006 to June 30, 2007.
(2)	See “Non-GAAP Financial Measures” for further detail.
(3)	Ratios annualized for 1Q, 2Q and 1H 2007.

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Composition of Assets Under Management Supplement
(USD in millions)

	As of March 31,						As of June 30,
	2007			2006			2007			2006
Alternative strategy	$	11,200		$	7,883		$	12,826		$	9,059
Long-only		3,882			3,667			4,432			3,730
Internal FoHF		1,404			937			1,627			1,086
External FoHF		575			447			599			477
Gross Fund-Based AUM		17,060			12,934			19,485			14,351
Managed accounts		1,398			505			1,843			937
Cash		197			395			194			339
Total Gross AUM		18,655			13,834			21,522			15,627
Less: internal FoHF investments in GLG funds		(1,372	)		(940	)		(1,642	)		(1,020	)
Less: external FoHF investments in GLG funds		(53	)		—			(56	)		(13	)
Less: alternatives fund-in-fund investments		(1,145	)		(1,082	)		(1,239	)		(1,127	)
Net AUM	$	16,085		$	11,811		$	18,585		$	13,467

	As of March 31,					As of June 30,
	2007			2006		2007			2006
Gross AUM	$	18,655		$	13,834	$	21,522		$	15,627
YoY % Change		35	%				38	%
Net AUM		16,085			11,811		18,585			13,467
YoY % Change		36	%				38	%

	Three Months Ended March 31,						Three Months Ended June 30,						Six Months Ended June 30,
	2007			2006			2007			2006			2007			2006
Opening Gross Fund-Based AUM	$	16,053		$	11,484		$	17,060		$	12,934		$	16,053		$	11,484
Fund-based inflows (net of redemptions)		160			206			1,393			1,407			1,552			1,613
Fund-based net performance (gains net of losses)		848			1,244			1,032			10			1,880			1,254
Closing Gross Fund-Based AUM	$	17,060		$	12,934		$	19,485		$	14,351		$	19,485		$	14,351
% of Opening Gross Fund-Based AUM
Gross Fund-based inflows (net of redemptions)		1.0	%		1.8	%		8.2	%		10.9	%		9.7	%		14.0	%
Gross Fund-based net performance (gains net of losses)		5.3	%		10.8	%		6.0	%		0.1	%		11.7	%		10.9	%
Opening Managed Accounts AUM	$	1,233		$	335		$	1,398		$	505		$	1,233		$	335
Inflows (net of redemptions)		68			134			351			536			419			670
Net performance (gains net of losses)		97			36			94			(104	)		191			(68	)
Closing Managed Accounts AUM	$	1,398		$	505		$	1,843		$	937		$	1,843		$	937
% of Opening Managed Accounts AUM
Inflows (net of redemptions)		5.5	%		40.0	%		25.1	%		106.1	%		34.0	%		200.0	%
Net Performance (gains net of losses)		7.9	%		10.7	%		6.7	%		(20.6	%)		15.5	%		(20.3	%)

     Note: Net performance is based on both opening AUM and inflows during the period and can be influenced by heavy inflows.

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