Man Closes Deal For GLG

Oct 14 2010 | 10:12am ET

The biggest merger in hedge fund history is now history, after the Man Group completed its $1.6 billion acquisition of GLG Partners.

The deal, which creates the world’s largest hedge fund firm, closed today, with GLG becoming a wholly-owned subsidiary of Man. GLG announced, one day after its shareholders approved the Man offer, that 96% of its outstanding warrants had been tendered in an offer that expired early this morning.

While GLG shareholders received cash for their shares, GLG heads Noam Gottesman, Pierre Lagrange and Emmanuel Roman split more than 162 million new Man shares. Roman has also been named chief operating officer of Man.

“The combined firm will have expertise in a wide range of investment styles including managed futures, equity, credit, emerging markets, global macro and multi-manager,” Man CEO Peter Clarke said. “Our unrelenting focus on delivering investment performance is allied to powerful product structuring, distribution and client service capabilities.”


In Depth

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Futures Most Popular

Publisher's Note