Man Talks Deal With GLG, SAC, Millennium

Mar 26 2010 | 1:36pm ET

The Man Group has approached several high-profile hedge funds in a bid to expand its presence in the U.S., either through an acquisition or distribution deal.

Peter Clarke, CEO of the world’s largest publicly-listed hedge fund, has held informal talks with GLG Partners—which is based in London but listed in New York—Millennium Partners and SAC Capital Advisors, according to published reports. He told investors on a conference call yesterday that “the opportunity set is phenomenal at the moment” and that “there’s probably not much that we couldn’t do it we wanted.”

Man is reportedly interest in buying a stake in Stamford, Conn.-based SAC, which manages $12 billion, or in distributing its products. SAC founder Steven Cohen is said to be increasingly interested in developing a succession plan at the firm, though it is not clear that a deal with Man is part of those plans.

Man, which has US$39.1 billion in assets under management, has bigger plans for GLG, considering a takeover of the US$22.2 billion firm. A deal for GLG would fill Clarke’s goal of adding “equity long/short capability” to Man, which is best known for its quantitative managed futures program AHL Diversified.

Clarke has also met with Millennium, the $8 billion New York-based firm, according to the Financial Times.

The Man CEO is said to want to move quickly, despite his telling investors yesterday that a deal is “not something we’re going to rush into.”

Earlier this week, Man announced lower-than-expected profits as its performance and assets under management continue to suffer. Man itself was the subject of takeover rumors earlier this month, but a reported tie-up with BlackRock failed to materialize.

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