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Hedge Fund Man Announces $50m Savings Following GLG Acquisition

New York (HedgeCo.net) –  Man Group announced details of a share buy back in conjunction with its interim results for 2011 today.

In CEO and FD video interviews with financial news website Cantos, the hedge fund giant’s CEO Peter Clarke, said that redemptions in October had returned to more normal levels following a stressful September period and that the benefits of the now fully integrated GLG business were coming through as evidenced by $2bn of cross selling benefits in the six month period.

FD Kevin Hayes confirmed that $50m of cost savings following the GLG acquisition had now been delivered and that an additional $20m of savings had been identified for 2012.

Man acquired GLG in October 2010 for $1.6 billion.

Editing by Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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