Saturday, 26 July 2014
Last updated 13 hours ago
Feb 17 2010 | 11:14am ET
BlackRock, the world’s largest money-manager, has taken a big stake in the Man Group, sparking speculation that the New York-based firm is preparing a take-over of the world’s largest publicly-listed hedge fund group.
A regulatory filing shows that BlackRock, which manages US$3.35 trillion, now owns a 10% stake in Man, which manages US$40 billion. That news, couple with market whispers, sent Man shares to their biggest gain in four months.
Britain’s Daily Mail reports that market rumors suggest BlackRock is interested in acquiring London-based Man. The tabloid notes that BlackRock, which in December bought Barclays Global Investors, the world’s 10th-largest hedge fund manager, lacks a big fund of hedge funds business, which Man would provide, along with a network of 1,400 private banks for distribution.
“The value in Man Group, apart from the US$2 billion of cash sitting on its balance sheet, is its distribution business,” one fund manager told the Daily Mail.
Man has a market value of about £4.1 billion.
Neither Man nor BlackRock would comment on the rumors. But a source told HedgeFund.net that the talk is “1,000% untrue.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…