Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a662114

GLG analyst arrested in FSA insider dealing probe

by Alex Steger on Feb 28, 2013 at 07:54

GLG analyst arrested in FSA insider dealing probe

One of the three people arrested yesterday as part of a Financial Services Authority (FSA) probe into insider dealing has been reported to be an analyst at GLG.

The three arrests are not tied to any other insider-trading investigations that the FSA has already disclosed.

GLG is owned by Man Group which told the Daily Telgraph the arrest was related to the employee's actions ‘as a private individual and not as an employee of Man or GLG’. 

The employee has been suspended, Man said.

The news of the arrest comes as Man reported a drop in funds under management in 2012, falling to $57 billion (£37.1 billion) compared to $58.4 billion in 2011.

Tough year

On the same day, Man Group, which took over GLG in May 2010 in a $1.6 billion deal, also told its shareholders 2012 had been a 'tough' year, issuing its final results on the morning news of the arrest emerged.

The group's funds under management pulled back slightly from $58.4 billion to $57 billion, as at the end of December, while adjusted profit before tax came in at $278 million.

Manny Roman, Man's chief executive officer, admitted: '2012 was another tough year for Man.'

He explained: 'Trading conditions were highly challenging as markets continued to be dominated by political uncertainties in Europe and the US and macroeconomic risks.

'Investor appetite remained muted and as expected there was a further decline in Man's product margin mix and revenues.'

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Opportunities emerge as production moves back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

A spotlight on Alastair Mundy

Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.

More about this article:

Look up the shares

  • Man Group PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

What others are saying


Sorry, this link is not
quite ready yet