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Man Group to net $456m on Lehman sale

Man Group to net $456m on Lehman sale

Man Group has entered into a series of transactions with Hutchinson Investors LLC to sell its residual exposure to the Lehman estates.

Man Group, the listed hedge fund house, acquired the exposure in July 2011 from certain GLG managed funds.

The transaction is expected to net in the region of $456 million and comes after Man Group announced a drive to improve returns for shareholders.

According to a stockmarket announcement, a deal would allow Man to benefit from the payment while retaining key obligations to the funds.

The proceeds from the sale will also increase Man's regulatory capital surplus and enhance its cash position.

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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