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

Exhibit 99.1

GLG PARTNERS REPORTS THIRD QUARTER 2007 EARNINGS

• Net income of $46 million; Adjusted net income of $29 million, up 160% from Q3 2006

• Net assets under management of $20.5 billion, up 49% from Q3 2006

• Total inflows of $1.8 billion during Q3 2007, including managed account inflows and gross fund-based inflows

London,October 24, 2007 — GLG Partners (GLG), a leading alternative asset manager, today reported net income of $46 million for the quarter ended September 30, 2007 and $375 million for the first nine months of 2007. Adjusted net income (net income less limited partner profit share) was $29 million, up 160% year-over-year, for the quarter ended September 30, 2007 and $168 million, up 99% year-over-year, for the first nine months of 2007.

GLG’s net assets under management as of September 30, 2007 reached $20.5 billion (net of assets invested from other GLG managed funds), up 10% from June 30, 2007 and 49% from September 30, 2006. GLG’s gross assets under management (including assets invested from other GLG managed funds) were $23.6 billion at September 30, 2007, up 10% from June 30, 2007 and 48% from September 30, 2006. A combination of performance and healthy inflows drove the growth in assets under management (AUM) as set forth below in Table 1.

“Our diversified model continued to work in the volatile markets of the summer, showing particular strength in Emerging Markets, led by Greg Coffey, and in the European strategies, led by GLG Co-Founder, Pierre Lagrange, as well as substantial net inflows broadly in our alternative strategies”, said Noam Gottesman, Co-Founder, Managing Director and Co-CEO of GLG. “We are looking forward to the upcoming completion of the reverse acquisition transaction with Freedom Acquisition Holdings in the coming weeks and remain excited about the prospects for the future expansion and growth of our business.”

Table 1: Assets Under Management
(USD in millions)

	As of September 30,
	2007			2006
Gross Fund-Based AUM	$	21,524		$	14,519
Managed Accounts AUM		1,905			1,042
Cash and Other Securities		164			372
Gross AUM	$	23,593		$	15,932
YoY % Change		48	%
Net AUM	$	20,466		$	13,718
YoY % Change		49	%

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Opening Gross Fund-Based AUM	$	19,485		$	14,351		$	16,053		$	11,484
Fund-based inflows (net of redemptions)		1,798			(72	)		3,350			1,541
Fund-based net performance (gains net of losses)		241			240			2,121			1,494
Closing Gross Fund-Based AUM	$	21,524		$	14,519		$	21,524		$	14,519
% of Opening Gross Fund-Based AUM
Gross Fund-based inflows (net of redemptions)		9.2	%		(0.5	%)		20.9	%		13.4	%
Gross Fund-based net performance (gains net of losses)		1.2	%		1.7	%		13.2	%		13.0	%
Opening Managed Accounts AUM	$	1,843		$	937		$	1,233		$	335
Inflows (net of redemptions)		38			96			457			766
Net performance (gains net of losses)		24			8			215			(60	)
Closing Managed Accounts AUM	$	1,905		$	1,042		$	1,905		$	1,042
% of Opening Managed Accounts AUM
Inflows (net of redemptions)		2.1	%		10.3	%		37.1	%		228.8	%
Net Performance (gains net of losses)		1.3	%		0.9	%		17.5	%		(17.9	%)

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

Financial Summary

For Q3 2007, total net revenues and other income was up 79% to $103 million compared to $57 million in the same quarter last year, primarily due to increased management fees as a result of performance and strong inflows across the GLG managed funds. For the first nine months of 2007, total net revenues and other income increased 78% over the first nine months of 2006 to $594 million.

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Performance fees were immaterial in Q3 2007 as it is our practice to recognize performance fees when they crystallize, generally on June 30 and December 31 of each year. Accordingly, when Q4’s performance fees are reported they will reflect crystallized second half performance.

Management and administration fees totaled $95 million or 1.9% of average net AUM for Q3 2007, increases of 69% and 29 basis points (bps), respectively, from the same quarter in 2006. For the first nine months of 2007, management and administration fees totaled $242 million, or 1.8% of average net AUM, increases of 56% and 16 bps, respectively, over the first nine months of 2006. Other income of $7 million reflects primarily currency related gains on cash held on our balance sheet during Q3 2007.

The total level of comprehensive limited partner profit share, compensation and benefits (“PSCB”) rose by 60% for Q3 to $46 million. This is down by 539 bps to 45% when expressed as a percentage of revenues, versus 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 Q3 2007 increased $25 million over the same quarter last year to $29 million primarily due to the reversal in Q3 2006 of selected employee compensation and benefits accruals as certain key personnel ceased to be employees and became participants in the limited partner profit share arrangement.

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. When Q4 is ultimately reported, the portion of compensation expense and limited partner profit share tied to performance will reflect crystallized second half performance as well as any adjustments to amounts accrued in the first half.

PSCB for the first nine months of 2007 increased by 63% to $318 million but fell by roughly 471 bps to 54% when expressed as a percentage of revenues when compared with the same period a year ago. Employee compensation and benefits for the first nine months of 2007 fell by 6% year-over-year to $111 million as a result of certain key personnel ceasing to be employees when GLG established its limited partner profit share arrangement in 2006.

General, administrative, and other expenses for Q3 2007 increased 56% to $26 million year-over-year, but fell 372 bps as a percentage of revenues to 25%. For the first nine months of 2007, these expenses rose 82% year-over-year to $80 million or by 29 bps to 13% 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 recognized in the first half of 2007.

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“Our risk management and controls infrastructure performed well in what proved to be a turbulent period for capital markets globally”, said Emmanuel Roman, Co-CEO and Managing Director of GLG. “Furthermore, our operations continue to scale and we are encouraged by the initial momentum with our new strategic partners, Istithmar and Sal. Oppenheim.”

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 +1 866 238 1665 in the US or +44 (0)207 15 32 010 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 +1 888 266 2081 in the US or +1 703 925 2533 in the UK and entering access code #1156360. 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 October 24, 2007 at 2pm EST or 7pm BST until November 7, 2007.

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 September 30, 2007, GLG managed gross AUM of over $23 billion.

Forward-looking Statements

This press release contains statements relating to future results that are forward-looking statements. 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;

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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 definitive proxy statement filed by Freedom with the Securities and Exchange Commission on October 11, 2007. These forward-looking statements are made only as of the date hereof, and GLG undertakes no obligation to update or revise the 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
	September 30,
	2007			2006			% Change
Net revenues and other income
Management fees	$	78,558		$	47,010			67	%
Performance fees		803			1,102			NM
Administration fees		16,306			9,128			79	%
Other		6,905			—			NM
Total net revenues and other income		102,572			57,240			79	%
Expenses
Employee compensation and benefits		(28,959	)		(3,735	)		NM
General, administrative and other		(25,891	)		(16,576	)		56	%
		(54,850	)		(20,311	)		170	%
Income from operations		47,722			36,929			29	%
Interest income, net		3,048			1,029			196	%
Income before income taxes		50,770			37,958			34	%
Income taxes		(4,735	)		(1,803	)		163	%
GAAP Net income	$	46,035		$	36,155			27	%

	Nine Months Ended
	September 30,
	2007			2006			% Change
Net revenues and other income
Management fees	$	198,892		$	129,981			53	%
Performance fees		343,835			177,047			94	%
Administration fees		42,986			25,050			72	%
Other		7,875			1,883			318	%
Total net revenues and other income		593,588			333,961			78	%
Expenses
Employee compensation and benefits		(110,526	)		(118,194	)		NM
General, administrative and other		(79,634	)		(43,721	)		82	%
		(190,160	)		(161,915	)		NM
Income from operations		403,428			172,046			134	%
Interest income, net		4,694			3,603			30	%
Income before income taxes		408,122			175,649			132	%
Income taxes		(33,020	)		(14,803	)		123	%
GAAP Net income	$	375,102		$	160,846			133	%

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GLG
Combined Balance Sheet
(USD in thousands)

	As of September 30,		As of December 31,
	2007		2006
	(unaudited)
Assets
Cash and cash equivalents	$	391,732	$	273,148
Investments		163		201
Fees receivable		40,687		251,963
Prepaid expenses and other assets		32,647		25,944
Property and equipment (net of accumulated depreciation and amortization of $11,669 and $10,117 respectively)		8,966		6,121
Total Assets	$	474,195	$	557,377
Liabilities and Members’ Equity
Current Liabilities
Rebates and sub-administration fees payable	$	19,473	$	19,146
Accrued compensation and benefits		63,199		102,507
Income taxes payable		19,038		25,094
Distributions payable		71,311		9,310
Accounts payable and other accruals		14,753		19,716
Other liabilities		3,654		5,100
Total Current Liabilities		191,428		180,873
Non-Current Liabilities
Loan payable		13,000		13,000
Minority Interest		2,031		1,552
Total Non-Current Liabilities		15,031		14,552
Commitments and Contingencies		—		—
Total Liabilities		206,459		195,425
Members’ Equity
Members’ equity		6,843		6,356
Retained Earnings		257,238		352,690
Accumulated other comprehensive income		3,655		2,906
Total Members’ Equity		267,736		361,952
Total Liabilities and Members’ Equity	$	474,195	$	557,377

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

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2007			2006			% Change			2007			2006			% Change
Derivation of non-GAAP adjusted net income
GAAP Net income	$	46,035		$	36,155			27	%	$	375,102		$	160,846			133	%
Deduct: limited partner profit share		(17,000	)		(25,000	)		(32	%)		(207,500	)		(76,530	)		171	%
Non-GAAP adjusted net income	$	29,035		$	11,155			160	%	$	167,602		$	84,316			99	%

GLG
Non-GAAP Expenses for the Three and Nine Months Ended September 30, 2007 and September 30, 2006
(USD in thousands)

	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2007			2006			% Change			2007			2006			% Change
Non-GAAP expenses
GAAP employee compensation and benefits	$	(28,959	)	$	(3,735	)				$	(110,526	)	$	(118,194	)
Limited partner profit share		(17,000	)		(25,000	)					(207,500	)		(76,530	)
Non-GAAP Comprehensive limited partner profit share, compensation and benefits	$	(45,959	)	$	(28,735	)		60	%	$	(318,026	)	$	(194,724	)		63	%
GAAP General, administrative and other		(25,891	)		(16,576	)		56	%		(79,634	)		(43,721	)		82	%
Non-GAAP total expenses	$	(71,850	)	$	(45,311	)		59	%	$	(397,660	)	$	(238,445	)		67	%

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)	Q32007			Q22007			Q32006			LTM(1)			YTD(2)
Gross AUM		23,593			21,522			15,932			23,593			23,593
Net AUM		20,466			18,585			13,718			20,466			20,466
Average net AUM		19,533			17,343			13,592			16,805			17,576
(USD in thousands)
Management fees		78,558			62,991			47,010			255,184			198,892
Performance fees(3)		803			340,512			1,102			561,527			343,835
Administration fees		16,306			14,036			9,128			52,751			42,986
Other		6,905			472			—			10,891			7,875
Total net revenues and other income		102,572			418,010			57,240			880,353			593,588
Employee compensation and benefits		(28,959	)		(56,518	)		(3,735	)		(160,717	)		(110,526	)
General, adminstrative and other		(25,891	)		(27,979	)		(16,576	)		(104,177	)		(79,634	)
Net interest income		3,048			171			1,029			5,749			4,694
GAAP net income before taxes		50,770			333,685			37,958			621,208			408,122
Income tax expense		(4,735	)		(25,031	)		(1,803	)		(47,443	)		(33,020	)
GAAP net income after taxes		46,035			308,654			36,155			573,765			375,102
Limited partner profit share		(17,000	)		(184,047	)		(25,000	)		(332,420	)		(207,500	)
Non-GAAP adjusted net income(4)		29,035			124,607			11,155			241,345			167,602
Management fees and Administration fees/Avg. net AUM(5)		1.9	%		1.8	%		1.7	%		1.8	%		1.8	%
Total net revenues and other income/Avg. net AUM(5)		2.1	%		9.6	%		1.7	%		5.2	%		4.5	%
Employee compensation and benefits and limited partner profit share/Total net revenues and other income		45	%		58	%		50	%		56	%		54	%
General, administrative and other expenses/Total net revenues and other income		25	%		7	%		29	%		12	%		13	%
Non-GAAP adjusted net income/Total net revenues and other income		28	%		30	%		19	%		27	%		28	%
Effective income tax rate		14	%		17	%		14	%		16	%		16	%

(1)	LTM period is Oct 1, 2006 to Sept 30, 2007.
(2)	YTD period is Jan 1, 2007 to Sept 30, 2007.
(3)	Performance fees are recognised when they crystallize, generally on June 30 and December 31 each year.
	As a result, the performance fee revenues do not reflect revenues from uncrystallised performance fees during Q1 and Q3.
(4)	See “Non-GAAP Financial Measures” for further detail.
(5)	Ratios annualized for Q3 2006 as well as Q2 and Q3 2007.

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Composition of Assets Under Management Supplement
(USD in millions)

	As of June 30,						YOY			As of September 30,						YOY			Qtr on Qtr%Change
	2007			2006			% Change			2007			2006			% Change			Q32007			Q32006
Alternative strategy	$	12,826		$	9,059			42	%	$	14,713		$	9,184			60	%		15	%		1	%
Long-only		4,432			3,730			19	%		4,561			3,735			22	%		3	%		0	%
Internal FoHF		1,627			1,086			50	%		1,651			1,089			52	%		1	%		0	%
External FoHF		599			477			26	%		598			511			17	%		0	%		7	%
Gross Fund-Based AUM		19,485			14,351			36	%		21,524			14,519			48	%		10	%		1	%
Managed accounts		1,843			937			97	%		1,905			1,042			83	%		3	%		11	%
Cash		194			339			(43	%)		164			372			(56	%)		(16	%)		10	%
Total Gross AUM		21,522			15,627			38	%		23,593			15,932			48	%		10	%		2	%
Less: internal FoHF investments in GLG funds		(1,642	)		(1,020	)		61	%		(1,653	)		(1,091	)		52	%		1	%		7	%
Less: external FoHF investments in GLG funds		(56	)		(13	)		343	%		(55	)		(48	)		15	%		(1	%)		281	%
Less: alternatives fund-in-fund investments		(1,239	)		(1,127	)		10	%		(1,419	)		(1,075	)		32	%		14	%		(5	%)
Net AUM	$	18,585		$	13,467			38	%	$	20,466		$	13,718			49	%		10	%		2	%

	Three Months Ended June 30,						Three Months Ended September 30,						Nine Months Ended September 30,
	2007			2006			2007			2006			2007			2006
Opening Gross Fund-Based AUM	$	17,060		$	12,934		$	19,485		$	14,351		$	16,053		$	11,484
Fund-based inflows (net of redemptions)		1,393			1,407			1,798			(72	)		3,350			1,541
Fund-based net performance (gains net of losses)		1,032			10			241			240			2,121			1,494
Closing Gross Fund-Based AUM	$	19,485		$	14,351		$	21,524		$	14,519		$	21,524		$	14,519
% of Opening Gross Fund-Based AUM
Gross Fund-based inflows (net of redemptions)		8.2	%		10.9	%		9.2	%		(0.5	%)		20.9	%		13.4	%
Gross Fund-based net performance (gains net of losses)		6.0	%		0.1	%		1.2	%		1.7	%		13.2	%		13.0	%
Opening Managed Accounts AUM	$	1,398		$	505		$	1,843		$	937		$	1,233		$	335
Inflows (net of redemptions)		351			536			38			96			457			766
Net performance (gains net of losses)		94			(104	)		24			8			215			(60	)
Closing Managed Accounts AUM	$	1,843		$	937		$	1,905		$	1,042		$	1,905		$	1,042
% of Opening Managed Accounts AUM
Inflows (net of redemptions)		25.1	%		106.1	%		2.1	%		10.3	%		37.1	%		228.8	%
Net Performance (gains net of losses)		6.7	%		(20.6	%)		1.3	%		0.9	%		17.5	%		(17.9	%)

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

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