Man Group shares jump after hedge fund unveils new acquisition and a $100m share buyback
Shares in Man Group soared today after the hedge fund firm posted a strong trading update and unveiled the acquisition of US real estate equity manager, Aalto Invest.
The FTSE 250-listed firm said assets under management increased to $80.7billion in its third quarter, up from $76.4billion at the end of June. And it also unveiled plans to buy back $100million of shares over the next year.
The triple-play sent Man Group shares soaring, up 14 per cent, or 14.8p to 123.3p by lunchtime, meaning the firm is on course for its biggest one-day gain in more than seven years.
Analysts at Credit... read more
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