Thursday, 25 December 2014
Last updated 1 day ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.