Following a filing showing Blackrock Inc. owning a 10% stake in the largest publicly traded hedge-fund manager, Man Group Plc. pitched to 6.6% to 242.9 pence at 11:15 a. m. in London making the upsurge the biggest gain in four months since Sept. 30. Market value of about 4.1 billion Pounds is possessed by the company.
Keeping the source out of the picture, The U. K.'s Daily Mail today reported that Man Group probably is on the "radar screen" of Blackrock for a "mega corporate deal". No information was available from both the parties as Man Group spokesman Simon Anderson refused to remark on market speculation and Emma Phillips, spokeswoman for New York- based Blackrock couldn't be approached.
Phil Dobbin, an analyst at Shore Capital in London said, "The firm would be unlikely to accumulate Man Group shares through its asset-management arm if it were considering a takeover bid. It's been rumored before. On the basis of these statements you can't make any conclusions".
In March 2009, Man Group had $20.4 billion in assets. Its Diversified Futures fund last week increased 0.15%, however it is 16.6% still down over the past year.