Man Group has acquired the remaining exposure of Lehman Brothers liabilities to funds managed by its unit GLG Partners, The Wall Street Journal reports. The hedge fund firm will pay $355 million in cash for the liabilities.
Man Group expects the net effect of the transaction on its regulatory capital to be around $50 million. The transactions are expected to eliminate the remaining uncertainty from funds with residual claims against the Lehman estates to help existing and new investors.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.