Firstly we have had an acquisition from Man Group (EMG), which I have written about a couple of times recently as a bit of a dog / three year under performer which might be building a base for a turn around in its performance. This acquisition is not the one which was flagged last time but a much smaller US-based fund of hedge fund manager, founded in 1994, specializing in the management of credit-focused hedge fund portfolios with approximately $1.0 billion of assets under management. It will enhance Man Group's presence in the US and add to Man Group's fund of hedge funds business, FRM. Probably too small to have a significant impact, but indicative of their desire to acquire and diversify their business.
Meanwhile Fairpoint Group (FRP) which I wrote up a while back has issued an AGM statement and trading update today. In this they said that trading was modestly ahead of last year in the first four months of the year which they state is a quiet period for them. They also say that their Debt management activity has been boosted by their recent acquisitions. But they describe their core debt solutions activities as being challenging. They also flagged their acquisition in the Legal Services area which they expect to complete in the near future to diversify their business. So overall a mixed bag of a statement and the market has taken it badly first thing. Personally I have always been a bit uneasy about this one given the nature of its business and its size - so I think I have exited this one given the mixed messages today.