Man Group in Talks with GLG, SAC
Man Group, the world’s biggest publicly traded hedge-fund manager, is scouting investments, acquisitions and distribution in the U.S. and has spoken with firms including GLG Partners and billionaire Steven A. Cohen’s SAC Capital Advisors LLP, according Businessweek.com.
GLG Partners Inc., which manages more than $22.2 billion in investments, rose the most in more than nine months after Man Group was said to be considering a takeover of the firm. Based on these market whispers, GLG increased 39 cents, or 15 percent, to close at $3.07 in New York trading, its largest gain since June 4. The New York-based firm rose as much as 23 percent to $3.30 last Friday.
In a different Businessweek.com article, Man Group Chief Executive Officer Peter Clarke was quoted as having said in a conference call to investors,
The opportunity set is phenomenal at the moment, there’s probably not much that we couldn’t do if we wanted. But it’s not something we’re going to rush into.
Clarke said on the call that he’s looking to add “equity long-short capability” to the firm, which in the interim it could “access through others.”
Spokesmen for SAC and GLG declined to comment.
Man Group said March 24 that it expects to post a drop in full-year profit after its largest fund posted its first annual loss, cutting performance fees by three-quarters. According to Businessweek.com, the firm forecast profit before tax and adjusted items of $510 million in the year through March, down from $743 million last year. The company was expected to report a $555 million pretax profit this year, according to the average estimate of 11 analysts surveyed by Bloomberg.
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