BlackRock Slashes Man Stake

Dec 5 2012 | 11:03am ET

The world's biggest money manager has cut its losses on the world's largest publicly-listed hedge fund manager.

BlackRock slashed its stake in Man Group by almost half, and now owns less than 5% of the troubled firm. The move means BlackRock, which owned 9.32% of Man in March, is no longer the largest shareholder in the firm, a title now held by Odey Asset Management, which owns 5.15% of Man.

Some of the drop can be attributed to Man's fall out of the MSCI indices last month, forcing BlackRock to sell those shares held by its index-tracking funds.

BlackRock has been rumored to be mulling a bid for Man for at least three years, most recently in October. It's not clear whether BlackRock's move to cut its Man stake would preclude a deal.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Looking for a way to keep warm during the cold weather or rather alleviate your cold while under the weather?