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.
City A.M. Reporter