Reuters – Hedge fund firm Man Group is to buy exposure to the estates of defunct U.S. bank Lehman Brothers from funds run by its GLG unit for $355 million, in an effort to clean up the funds’ holdings and make them easier to sell to new investors.
GLG — bought by Man Group last year for $1.6 billion — was using Lehman as its main prime broker at the time of the U.S. bank’s collapse at the nadir of the credit crisis in 2008, and Monday’s move means Man will benefit or bear the risk of any change in the value of the claims.
