Tuesday, 27 September 2016
Last updated 24 min ago
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.