Tuesday, 26 July 2016
Last updated 12 min ago
Feb 18 2010 | 2:14am ET
Speculation that money management giant BlackRock was mulling a move for hedge fund giant Man Group quieted after rumors about a bid sent Man shares soaring.
A source close to BlackRock told Reuters that there was no truth to market whispers that the New York-based fund was interested in buying Man, the world’s largest listed hedge fund manager. Britain’s Daily Mail reported the rumors yesterday, which, combined with news that BlackRock had taken a 10% stake in Man, sent traders into a frenzy.
But according to the Reuters source, BlackRock has no interest in acquiring Man.
The rally in Man shares died down as speculation was replaced by skepticism. Still, the hedge fund’s shares ended the day up 5.2%.