Man Group to buy US GLG Partners for 1.6 billion dollars

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British hedge fund giant Man Group said Monday it has agreed to buy American peer GLG Partners for 1.6 billion dollars, with the new entity to have some 63 billion dollars under management.

Man Group said in a statement that the deal "creates a diversified, world-leading alternative investment manager."

The combined company will produce annual cost savings of 50 million dollars a year, it said.

Man Group had 39.1 billion dollars under management as of March 31 and GLG Partners 23.7 billion dollars.

© 2010 AFP

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