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 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Rowan Atkinson to sell £10 million McLaren 'supercar' he crashed into a tree and a lamppost
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
US blames Russia after rocket attacks in Ukraine kill at least 30
Warriors in ancient Iraq suffered Post-Traumatic Stress Disorder more than 3,000 years ago, say researchers
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...