Man Group completes purchase of GLG Partners
British hedge fund giant Man Group said Thursday that it had completed a 1.6-billion-dollar takeover of US peer GLG Partners.
"Man Group and GLG Partners are pleased to announce that the recommended acquisition of GLG by Man has been completed today, to create a multi-style, performance-focused alternative asset manager," they said in a statement.
The deal, announced in May, creates a company with around 63 billion dollars under management. Man Group hopes the transaction will produce annual cost savings of 50 million dollars a year.
"The acquisition of GLG is a significant milestone in Man's development as a global leader in alternative asset management," Man Group chief executive Peter Clarke said in the statement.
"The combined firm will have expertise in a wide range of investment styles including managed futures, equity, credit, emerging markets, global macro and multi-manager."
© 2010 AFP