Monday, 20 October 2014
Last updated 2 days ago
Oct 13 2010 | 12:08pm ET
GLG Partners shareholders yesterday approved the hedge fund's acquisition by the Man Group, clearing the final hurdle for the US$1.6 billion merger.
GLG, which is based in London but listed on the New York Stock Exchange, said that the Man deal was approved by more than the required number of shareholders. Under that deal, owners of GLG stock will get US$4.50 per share.
The merger, which will create a hedge fund behemoth with US$63 billion in assets under management, is expected to close tomorrow.
Last month, Man's shareholders approved the deal.
GLG's top executives, Emmanuel Roman, Noam Gottesman and Pierre Lagrange will remain with the firm and will receive Man shares in exchange for their GLG stakes, rather than cash. Roman has been named chief operating officer of Man. He will remain co-CEO of the GLG unit alongside Gottesman.
Another GLG executive, Luke Ellis, was named head of Man's fund of hedge funds unit.
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...