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Technology Stocks : Blank Check IPOs (SPACS)
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To: Glenn Petersen who wrote (1666)3/13/2008 4:27:45 PM
From: RockyBalboa  Read Replies (1) of 3862
 
Halcyon 11.5B AUM means approx 100MM admin fee and on average about 200MM performance fee with 70% going to the partnership. Roughly half of it will fall to the bottom line making that about 90MM half of which go to old interests. It seems to be more stable compared to GLG and at the same time, more focussed than Asset Alliance. All depends whether halcyon can at least maintain its asset base and performance. Could be "reasonably" priced in an otherwise tough environment. The concept that 70% of the performance fees go to the employee vehicle making it much more dependent on performance fees.

I have to discount a little more: About half of halcyon is long only strategy which will earns less fees.
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