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’Snap news
Breaking pre-market news on Monday,
- Glencore to acquire 70 per cent stake in Mina Justa Project for $475m – statement.
- Man Group to acquire Lehman exposure from its GLG Partners subsidiary – statement.
GLG lurches down a potholed Memory Lane
Remember the heady days of GLG Partners’ US listing back in 2007 when the UK-based fund achieved a stock market valuation of $3.4bn?
Here’s a Lex note from the time;
By folding itself into a US shell company,
One giant leap for ManGLGed (Group) Part II
(We have updated the header with the new name for Man/GLG and there’s added comment).
Shares in Man Group are the biggest faller in the FTSE on Monday morning, as investors digest its transformational deal – the acquisition of GLG Partners for $1.6bn.
One giant leap for Man (Group)
Man Group has made a bold move to diversify its business — it’s buying GLG Partners for $1.6bn.
Via Reuters:
MAN GROUP PLC – VALUES THE FULLY DILUTED SHARE CAPITAL OF GLG AT APPROX $1.6 BLN
MAN GROUP PLC ACQUISITION EXPECTED TO BE EARNINGS ACCRETIVE IN THE FINANCIAL YR ENDING IN 2012
The deal is being structured as a cash offer — $4.50 a GLG share,
Presenting, the ‘physical loophole’
First there was the London loophole. Now, it appears, the development of another entirely new loophole is underway. Let’s call it the physical loophole.
From Intercontinental Exchange CEO Jeffrey Sprecher’s Tuesday testimony to the CFTC on the matter of position limits and the influence of speculators on the price of commodities:
GLG snapshots
Swathes of red and negative inflows do not make for pretty postcards from GLG Partners’ third-quarter presentation:
More worrying, perhaps, is this slide – showing net inflows, or now, outflows, for the period:
GLG chief expects third of hedge funds to close
The hedge fund industry will shrink by almost a third as tens of thousands of groups are forced out of business, Manny Roman, co-CEO of GLG Partners, said yesterday. Economist Nouriel Roubini said regulators may have to shut down markets for as long as two weeks to stem the flow of hedge funds liquidating assets and positions,
Over the hedge and into government
Hedge funds haven’t had much luck getting their message across to the public or the government over the past few weeks, being labelled “bank robbers” by an archbishop, no less.
Their lobbying power at the heart of government has taken a turn for the better thanks to the latest reshuffle,
Price of honesty
Or: How to time material announcements, GLG edition.
Before shorting GLG stock was banned (16 Sep):
Over the past few months, GLG has devoted considerable time and effort to manage counterparty risk exposures with respect to its prime brokers and other counterparties,
Goldman star trader defects to GLG
One of Goldman Sachs’ top traders is leaving to join GLG Partners, London’s second biggest hedge fund which manages $24bn (£12bn), amid a wave of defections from the City to Mayfair-based fund managers.
The Myners/Flowers/GLG/Virgin Rock clash
Virgin Money, the Branson offshoot which wants to buy Northern Rock, on Friday launched a green investment fund. The fund’s manager, GLG Partners, will only invest in companies with lighter than average environmental footprints as well as companies that provide,
UK follows US, spawning new hedge funds from older roots
UK hedge funds are following the US pattern as older, more established London hedge funds spawn second-generation funds, highlighting the limited supply of investment bankers willing or able to raise large sums,