Man Group to transfer £220m Lehman exposure from GLG

The transactions - valued at current NAV - "will remove the remaining uncertainty from funds with residual claims against the Lehman estates to the benefit of both existing and new investors," said Man CEO Peter Clarke. "In this way, Man can use its resources productively to provide clarity for fund investors and the opportunity to grow assets in the affected funds more quickly." The group said transactions are mainly relevant to GLG's European Long Short and North American Opportunity strategies. Man had a regulatory capital surplus of around $900m, net cash of around $900m and to...