Wednesday, 1 October 2014
Last updated 5 min ago
Dec 14 2012 | 12:09pm ET
The Man Group's acquisition of GLG Partners may have netted it at new CEO, but at what price?
The world's largest publicly-traded hedge fund may face a big new write-off stemming from the 2010 purchase next year, the Financial Times reports. The write-offs, which could be between US$500 million and US$1 billion, would likely come in February, when Man releases its full-year results.
The news comes the same week that Man announced that former GLG co-CEO Emmanuel Roman would succeed current CEO Peter Clarke, who will leave the post in February.
Man took a US$91 million write-down in June on the GLG deal due to dashed expectations of assets growth and strong performance. At the time, Man suggested that further write-downs of between US$499 million and US$1.6 billion could occur on the GLG deal under worst-case scenarios.
No final decision on a write-down has been made, and it could be subject to GLG's performance this quarter. Man recently restructured itself to boost its distributable reserves to US$2 billion, and has some US$1.5 billion in goodwill on its accounts related to GLG.
Man bought GLG for US$1.6 billion, promising profitable synergies which have yet to come to pass.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...