Odey takes 5% stake in hedge fund rival Man Group

Crispin Odey has snapped up a 5% stake in struggling fund house Man Group, prompting speculation the hedge fund manager will launch a full scale bid for the company.

Shares in Man Group, parent company of GLG Partners, moved 4% higher yesterday after Odey purchased a £75m take via Odey Asset Management. Speculation is mounting Odey will continue to add to his holding before forming a consortium and launching a full-scale cash bid, according to This is Money. Man Group has had a difficult few years and shares have almost halved over the past year - they are down 49.53% to 80.01p. Q3 results showed outflows for the fifth consecutive quarter with £1.4bn of client money leaving the funds, up from £875m the previous quarter. Earlier this month s...