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Man Group CEO rules out big deals after GLG buy

Date: Wednesday, June 16, 2010
Author: Reuters

Hedge fund firm Man Group Plc (EMG.L) is not looking for further big acquisitions after its $1.6 billion purchase of GLG Partners (GLG.N) last month, its chief executives Peter Clarke told Reuters on Tuesday.

"We're done for any significant-sized (deals) in liquid trading strategies ... for the foreseeable future," Clarke told Reuters on the sidelines of the GAIM hedge fund conference in Monaco, referring to hedge funds that invest in liquid assets.

Clarke said Man is targeting a return on capital of at least 10 percent from year three onwards from the deal, which diversifies Man away from its core focus on so-called "black box" funds. [ID:nLDE64G0EN]

He said the test of whether the deal succeeds would be the amount of client money Man is able to raise through GLG.

Man would look at smaller buys among Asia Pacific-based hedge fund firms, Clarke said.

"(You may see) in-fill, smaller investments in Asia Pacific. We'd like a trading presence in Asia Pacific hedge funds," he said.