Tuesday, 23 September 2014
Last updated 3 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.