Man Group is looking to further reduce its dependence on its $12.5 billion flagship strategy AHL with another acquisition.
In an interview with the Financial Times, the hedge fund firm’s chief executive Manny Roman said any acquisition would have to be the right ‘cultural fit’, with a long only fund manager said to be the target.
‘We continue to look for opportunities to grow the business through selective acquisition,’ Roman told the FT.
‘In assessing these opportunities, we will seek to remain disciplined on price, structure and cultural fit.’
Man is thought to be sitting on a surplus cash pile of around $550 million, which is well in excess of regulatory capital requirements.Man’s share price has come under pressure recently as AHL struggled to deliver following the credit crunch. Assets under management have fallen from a high of $80 billion in 2008 to $52.5 billion.