Hedge fund manager Man Group has bought the fund broker GNI from Old Mutual.
GNI is a profitable part of Old Mutuals business but the group said it wanted to focus on the investment management side of the business. Man group, the only listed hedge fund manager in the UK, is increasing its market share in the European hedge fund market.
GNI sells futures and options, foreign exchange and equity derivative products.
Man said the deal would generate cost savings of GBP8m a year. The company pointed to the fact that GNI ...