Man Group has announced that it is to acquire GLG Partners for $1.9bn in an all-cash transaction. The deal will take Man Group’s assets under management to $63bn. According to Thomson Reuters, it is Man Group’s largest acquisition to date and the second largest hedge fund M&A deal ever.
Peter Clarke, chief executive of Man, said: “The fit between the two businesses is excellent; across investment strategies, geography and investor base. Man’s quantitative and multi-manager expertise complements GLG’s long track record in discretionary investment strategies, and both firms focus on liquid, transparent and dynamic trading.
“The structure of the transaction allows us to retain vital focus and commitment to performance whilst integrating Man’s leading structuring and distribution capabilities to the advantage of investors and shareholders alike. We have deployed surplus capital in an earnings-enhancing transaction to access savings, balance our investment strategies, and created a powerful business from which we can grow organically.”
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