Man Group to buy US GLG Partners for $1.6 billion

LONDON: British hedge fund giant Man Group said on Monday it has agreed to buy American peer GLG Partners for $1.6 billion, with the new entity to have some $63 billion under management.

Man Group said in a statement that the deal "creates a diversified, world-leading alternative investment manager."

The combined company will produce annual cost savings of $50 million a year, it said.

Man Group had $39.1 billion under management as of March 31 and GLG Partners $23.7 billion.