Man Group

Man Group has completed its purchase of GLG Partners, creating a diversified fund group running $63bn of assets.

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 Group has launched a Ucits compliant fund of European hedge funds, run by Robin Lowe, its head of multi-manager long/short equities.

European markets have fallen sharply this morning with the FTSE 100 down 1.1% or 61.8 points at 5,511.63.

Man Group has won overwhelming shareholder support for its $1.6bn (£1bn) bid for GLG Partners, and has made a senior appointment from GLG for the enlarged group.

GLG Partners is being sued by an investor in the US who argues his shareholding in the group is undervalued in the proposed $1.6bn takeover by Man Group.

Man Group has agreed a deal to acquire GLG Partners for $1.6bn.

Broker downgrades and companies going ex-dividend pulled the FTSE index 25 points, or 0.4% lower this morning.

The FTSE 100 index fell by 0.4% on Friday, the first time it declined in four days. The benchmark index ended the day at 5703.02 points, off by 24.63 points.

The FTSE was up 27.5 points (0.5%) to 5271.63 points, buoyed by gains among mining firms.