No More Big Deals For Man After GLG Buy

Jun 17 2010 | 1:16pm ET

Buying GLG Partners will make the Man Group big enough for now, Man CEO Peter Clarke said.

Man said last month that it would buy London-based and New York-listed GLG for US$1.6 million last year, a move that could create the world’s largest hedge fund manager with US$63 billion in assets. But Man isn’t on the lookout for any other big names to buy.

“It is effectively job done for our liquid trading strategies,” Clarke told the GAIM conference in Monaco. He added that the GLG deal should bring a return on capital within three years.

But while Clarke dismissed talk of any other “significant” acquisitions, he did say, “It’s possible we could infill with smaller mergers in Asia-Pacific.”

In one part of that region, however, the GLG deal is likely to do the trick. Man Investments Securities Japan chief Hidehiko Hayashi told Reuters that adding GLG “will have a big impact on our business” in the Land of the Rising Sun.

Japanese investors are likely to gravitate towards GLG’s equity hedge and global macro offerings, Hayashi said, and that new products could come in the next fiscal year.


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