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Breaking pre-market news on Tuesday,
- Volkswagen set to formalise approach for MAN — report.
- Serco announces £385m acquisition of Indian business process outsourcing company — statement.
- Novae studying merits of merger with Omega — statement.
Man and the ‘hurricane spider’
Man marches on. This time the hedge fund group has snapped up a 25 per cent stake in Nephila Capital, as part of its strategy of buying into smaller rivals.
This one’s eye-catching for two main reasons. And it’s not the price – teeny for Man at $50m.
Man buys half of credit specialist
Man Group has bought a half share in a $3bn (£1.5bn) US credit specialist in the first acquisition by Peter Clarke since he took the helm a year ago at the biggest listed hedge fund manager. Man will pay $195m in cash and $40m in shares for 50% of Ore Hill Partners,
Man looks for extra credit
Eeek. A hedge fund trading across the capital structure of “highly leveraged companies.”
But credit crunch and rising defaults aside, Man Group likes the sounds of that. The UK-listed hedge fund, with more than $75bn in funds under management,
Pre-close: strong Man, while 3i comes over a bit ‘cross cycle’
The twin peaks of the UK’s listed alternative investments landscape gave their pre-close updates on Thursday.
More of the same from Man Group, whose funds under management continue to climb ever skyward.
Porsche’s (and Piech’s) empire takes off
Porsche will soon control Europe’s largest car and trucks empire after an emergency meeting of its supervisory board on Monday gave the go-ahead for the German sports-car maker to increase its stake in Volkswagen from 31% to more than 50%.
Man storms through $70bn – but are private investors losing heart?
In a year when other big names faltered, Man Group on Thursday managed to emerge from the fray relatively unscathed.
The listed hedge fund group on Thursday said that assets under management had topped the $70bn mark during its third quarter to end-December,
Video interview: Man’s Peter Clarke
In this week’s View from the Top video interview the FT’s Charlie Pretzlik talks to the chief executive of Man Group, Peter Clarke.
You can view the videos here, and there’s also a transcript available.
One in 10 hedge funds to go bust, says Man
More than one in 10 of all hedge funds will go out of business this year as the rate of failure doubles, the head of Man Group, the world’s biggest listed hedge fund manager, has predicted. Peter Clarke,
One giant leap for Man
Pre tax profits at the UK’s Man Group – one of the world’s largest alternative investment managers – soared 21 per cent, according to interim results released on Thursday morning.
The value of the funds Man manages rose to just over $68bn at the end of September,
Subprime fears hit financial services IPOs
Investor nervousness over losses related to the US subprime lending crisis has hit demand for financial-services share offerings and prompted US Fed governor Ben Bernanke on Thursday to estimate the losses could reach up to $100bn,
Man hires 16 banks for broker IPO
Man Group on Thursday revealed it had lined up a syndicate of 16 banks, as well as its adviser, to arrange the flotation of its brokerage business in a deal which could value the MF Global unit at up to $5bn.
Man Group’s cast of thousands
Sorry – how many? Is that really necessary?
Man Group has come out with the pricing for the New York IPO of its brokerage business, MF Global, valuing the business at between $4.6bn and $5bn.
But the list of advisers is what’s really astonishing in this tale.
The Oxford-Man Institute – no seriously!
The Oxford-Man Institute of Quantitative Finance, to give this newly-minted academic institution its full name, is being funded by the hedge fund — the intention being to create “the world’s leading interdisciplinary academic institute for research into quantitative finance,
Cov-lite loans: bubble-time or a sign of maturity?
Forget the queues outside Rolex shops, rising London house prices and the soaring art market; the latest indicator of an asset bubble is the rise in “cov-lite” loans, syndicated loans without the usual covenants that can protect lenders,
Man eyes cov-lite financing
Man Group plans to renegotiate its syndicated loan facility to remove bank covenants as the London-listed hedge fund group tries to take advantage of easy credit. Man’s move appears to be the first attempt at cov-lite borrowing by a European listed company although the opaque nature of the syndicated loan market makes it hard to be certain.
More money for Man
And the money keeps rolling in….
Man Group on Thursday released well-flagged numbers for the full year which showed profits up 27 per cent to $1.3bn, on record overall sales and record sales to institutions,
Man readies ‘true’ NY-listed hedge fund
Man Group is preparing what is believed to be the first true New York-listed hedge fund, in an attempt by the London-based manager to tap demand from private investors for hedge funds. A provisional prospectus filed with the SEC showed the Man Dual Absolute Return Fund will have a minimum IPO investment of just $2,000,
Man Group plans to demerge US arm
Man Group plans to demerge its US brokerage arm and list it in New York in a move that could value Man Financial, the largest retail futures broker in the US, at $5bn, according to people close to Man Group.
RAB Capital opts to stick with Aim
RAB Capital has decided not to move from Aim to the main London market even though it would have been a member of the FTSE 350 index and be able to attract investors who cannot invest in Aim stocks. The second-biggest UK listed hedge fund operator after FTSE 100 member Man Group said it had “no current intention”
Man picks Hayes out of Lehman
The changing of the guard at Man Group has seen the biggest listed hedge fund manager take on a former Lehman Brothers financial controller to replace Peter Clarke as finance director when he steps up to be chief executive later this month.
Markets Live at 11am — furious speculation over tobacco consolidation
The sun’s out and stocks are up in London. A strong, across-the-board rally on Thursday has taken the FTSE 100 comfortably away from the 6000 level that was very nearly broken at the close on Wednesday.
Siemens scandal puts German groups on alert
Several large German blue-chip companies are urgently checking – and in some cases tightening – their compliance and anti-corruption systems in the wake of a €426m ($563m) bribery scandal that has engulfed Siemens,
Man’s AHL fell 8% in market rout
The flagship fund of Man Group had its second worst week on record during the recent stock market rout. AHL, the $17bn managed futures fund, fell 8.23 per cent in the week, Man said on Tuesday. Its worst performance was in March 2003 when it plunged almost 10 per cent in a week after the Iraq invasion.
Fund of funds suck in money, but performance lags
The funds of funds industry grew in size by 29 per cent in 2006, more than double the previous year’s growth rate, drawing in $183bn worth of assets from both retail and institutional investors, according to the InvestHedge Billion Dollar Club survey.
Man hires banks for broker IPO
Man Group, the world’s largest hedge fund manager, is understood to have lined up five banks, including Merrill Lynch and Citigroup, to handle a Wall Street listing of Man Financial, its US-based brokerage business,
Sanofi/Bristol — the real deal or just deal fever?
Cornered in Geneva on Monday afternoon by a Reuters news agency reporter, and on his way to a meeting on counterfeit drugs, Sanofi-Aventis chairman Jean-Francois Dehecq had no comment to make on reports that his firm is about to unveil a deal that will catapult the French drugs champion to the top of the world pharma league.
Man draws UBS into fraud action
Man Group’s US brokerage has told a US court that a subsidiary of UBS was partly to blame for failing to spot an alleged $179m fraud at a Philadelphia hedge fund. The Cayman Islands administration business of UBS was added last Friday as a third-party defendant to a case being brought against Man Financial by the hedge fund’s receiver.
MAN pulls out of Scania battle
German truckmaker MAN has withdrawn its €10.3bn hostile bid for Scania, handing Sweden’s Wallenberg family victory in one of Europe’s most bitter recent takeover battles. All parties to the bid saga said they now hoped to conduct friendly discussions to see if a tie-up would be possible between the two truckmakers,