Sale of residual Lehman exposure

Man Group ("Man") has entered into a series of transactions with Hutchinson Investors LLC, managed by the Baupost Group, to sell the residual exposure to the Lehman estates ("Lehman claims") that it acquired in July 2011 from certain GLG managed funds.

16 November 2012

The total consideration for the transactions is $456m, payable in cash by the buyer. Man may receive up to a further $5m if overall recoveries by the buyer exceed certain thresholds in the future. The Lehman claims were valued at $346m as at 30th June 2012.

The transaction allows Man to benefit from the payment of the total consideration, while retaining certain obligations to the Funds. The proceeds will increase Man's regulatory capital surplus and further enhance its net cash position. 

Contact

  • Global Communications

    Rosanna Konarzewski
    Global Head of Communications
    Tel: +44 (0) 20 7144 1000
    Clio Adam
    Global Communications Manager
    Tel: +44 (0) 20 7144 1000
  • United Kingdom

    Michael Turner
    Finsbury - UK
    Tel: +44 (0) 20 7251 3801
  • US

    Megan Ingersoll
    Communications Manager Americas
    Tel: +1 212 649-6600
  • Asia

    Scott McFarlane
    Ryan Communication
    Tel: +852 3655 0506
    Carol Park
    Access Communications and Consulting Co. – Korea
    Tel: +82 2 2036 9912
  • Australia

    Paul Cheal
    Honner Media
    Tel: +612 8248 3752

Contacts mentioned herein retain the right to record any telephone calls made to them for training and monitoring purposes.

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