Sunday, 19 April 2015
Last updated 22 hours 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…