Man Group

Crispin Odey has admitted his flagship European hedge fund lost 8.3% last month.

Shares in Man Group have fallen over 20% this morning as the investment manager warned of a $6bn contraction in funds under management in Q3.

Man Group is to acquire the remaining exposure to the estates of bankrupt US investment giant Lehman Brothers from funds managed by its subsidiary, GLG Partners, for $355m (£220.4m) in cash.

Man Group has blamed challenging market conditions for more than $1bn of negative investment movement in the first quarter of 2011.

Man Group has launched a multi-strategy fund investing across a range of its own funds, and those of its subsidiaries including recently acquired GLG Partners.

Man Group has hired ex-Gartmore employee Warren Shiels as director of its UK retail business.

Man Group is planning to follow up the launch of its Nomura Global Trend fund with another vehicle run up by GLG, the fund manager it acquired last year.

Two years of takeovers and mergers have seen GLG transformed. Head of UK retail Richard Phillips tells James Smith how the acquisition of SGAM and subsequent takeover by Man Group have created a firm that can offer a much broader range of options

Man Group subsidiary GLG is closing John White's Alpha Select fund to new investment next Friday after it reached its asset target of $550m.

Man Group has appointed GLG's Richard Phillips head of UK retail at the combined group.