Man on top

Investors in Man Group must be rubbing their eyes in disbelief. Shares in the hedge fund group are up 50% this year. And last week, they rose a further 8% after rumours resurfaced that Goldman Sachs might make a bid. In reality, a bid for the whole of Man looks unlikely. It would be hard to cut enough costs to justify paying a decent premium. And with Goldman’s name above the door, other banks might refuse to distribute Man’s products, thus endangering a key element of Man’s success. Even so, ...