Man pledges fast integration of GLG

14th Oct 2010 11:16

The $1.6bn acquisition of investment management firm GLG Partners by hedge fund manager Man Group, first announced back in May, has finally gone through.GLG is now a wholly owned subsidiary of Man Group, an event that Man's chief executive, Peter Clarke, claimed was "a significant milestone in Man's development as a global leader in alternative asset management.""We look forward to introducing GLG's exceptional investment management capabilities to a broader global market, and intend to make a fast start as a fully integrated business to harness cost and revenue synergies," Clarke added.Man has previously spoken of the low correlation of performance between the quantitative investment style of Man and the discretionary investment style of GLG providing greater stability in the combined performance fee prospects and the creation of new high margin products for distribution.