Rumor Has BNY Mellon Mulling Man Bid

Oct 7 2010 | 1:51pm ET

Is Man Group, on the verge of acquiring fellow hedge fund GLG Partners, about to be acquired itself?

The markets were awash with rumors that a U.S. bank was preparing a bid for the world’s largest listed hedge fund manager. The name most often cited was the Bank of New York Mellon, which is reportedly preparing a £3.90 per share offer for Man.

Man’s shares rose more than 5% on the rumors today, adding £0.11 to reach £2.49. The reported BNY Mellon offer would represent a 56% premium at that price.

BNY Mellon CEO Robert Kelly said last week that his firm would aggressively pursue asset management takeovers. The firm currently has nearly US$1 trillion in assets under management.

Man, following the completion of its US$1.6 billion deal for GLG Partners, will have about $63 billion in assets under management.

It is unclear how likely a BNY Mellon acquisition is. One trader, ETX Capital’s Manoj Ladwa, characterized the rumors as nothing more than “vague talk,” Bloomberg News reports.

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