The Man Group has US$550 million to spend—and wants to spend it on another asset manager.
The hedge-fund giant is intensifying its search for an acquisition target, as it seeks to further diversify and limit its reliance on its flagship AHL program. According to the Financial Times, Man, which bought GLG Partners four years ago and fund of hedge funds FRM two years ago, is on the lookout for a long-only manager. The firm is also said to be eager for opportunities in the U.S.
"We continue to look for opportunities to grow the business through selective acquisitions," Man CEO Emmanuel Roman, himself a former GLG executive, said. "In assessing these opportunities, we will seek to remain disciplined on price, structure and cultural fit and ensure that any proposed transaction represents a sound use of capital."
If Man can't find such an opportunity, it plans to return its capital surplus to shareholders.