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Did Private Investors Punish Man Group For Buying GLG By Pulling $1.1 Billion?

April 26, 2017billion buying glg group investors man private pulling punish

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Did Private Investors Punish Man Group For Buying GLG By Pulling $1.1 Billion?

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GLG’s Pierre LagrangeIt was considered a step down when Man Group bought GLG after rumors that it was shopping Millennium and SAC, so what happened to them in the first quarter shouldn’t really surprise, but it still bad news: Investors pulled out $1 billion (2.3% of total assets). There are a couple more reasons the outflows might have happened. First, the management might not be getting along as well as investors would like them to. Also, mergers are usually not great for the acquiring firm. So here’s the bad news: • $1.1 billion private investor outflows in 1Q • $400 million net outflow from institutions in 1Q Institutional investors like fund of funds might come back. Private investors are probably less likely to. The good news: • Private investor sales were $500 million (bringing net private investor outflows down to $600 million) • Lagrange still has great hair, and is friends with Brad Pitt CEO Peter Clarke said publicly: “The quarter to June 30 has seen a return to increased vo