Man Group buys GNI for £100m
Tuesday 22 October 2002
Man Group, the financial services company, has created the world's biggest independent futures broker through the £100m acquisition of GNI.
The cash deal, confirmed yesterday, will give Man Group a greater number of daily transactions than most derivatives exchanges.
Kevin Davis, the managing director of Man's financial services business, said: "There's not much competition left [in Europe]. It was us and GNI [in this market]. Now we've bought them.
"We were already larger than Liffe [London International Financial Futures Exchange]. Now we've overtaken the Chicago Board of Trade."
GNI was off-loaded by Old Mutual so the South African group could focus on its core insurance and fund management business. It is also trying to sell Old Mutual Securities but that transaction hit difficulties when Beeson Gregory walked away from talks.
The GNI acquisition will boost Man's share of the retail market, especially in equity and interest-rate derivatives. Mr Davis said GNI also provided propriety technology for trading.
"You should not expect a further significant brokerage acquisition from us, as we bed this down and make sure that one plus one equals three," he said.
In the six months to 30 June, GNI made a pre-tax of £5m. Mr Davis said the deal would yield costs savings of £8m a year but there would not be significant redundancies among GNI's 500 staff.
Man shares closed up 5 per cent at 990p.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...