Man Group shares rise on BNY Mellon bid talk

Shares in UK-listed Man Group have jumped 4% on speculation a mystery bidder – reportedly the Bank of New York Mellon – is preparing a bid for the group.

Man, the world's largest hedge fund, is up more than 10p to 247p on the rumours of a 390p per share bid for the manager, which itself is already in the process of completing the acquisition of GLG Partners.

In May, Man agreed to buy high profile peer GLG, which also has a strong presence in the UK retail market, for $1.6bn.

BNY Mellon's chief executive Robert Kelly last week told press in Switzerland that the bank was on the prowl for takeovers of asset managers. Mellon boosted its presence in the UK in August last year with the purchase of Insight Investments from Lloyds Banking Group for £235m.

"Rumours (are) Bank of New York is interested," one trader told Reuters.