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Man Group buys GLG

City A.M. Reporter
HEDGE fund firm Man Group has agreed a deal to buy rival GLG Partners FOR $1.6bn (£1.1bn).

Man Group – already the world's largest listed hedge fund manager – will up its operations in the US through the agreement.

The combined group will have assets of about $63bn.

In a statement, Man said it has identified annual potential cost savings of about $50m with one third expected in the 2011 financial year and the balance expected in the first half of the following year.

The acquisition of London-based but New-York-listed GLG is expected to be earnings accretive from in the financial year ending in 2012, Man said.