Man Group sells GLG Lehman exposure

Alternative investment manager Man Group has agreed a $456m deal with Hutchinson Investors to dispose of exposure to Lehman Brothers that it acquired in July 2011 from “certain GLG managed funds”.

The cash deal could be boosted by a further $5m, if the Lehman claims exceed certain thresholds in the future. Man Group had valued the Lehman claims at £346m at 30 June.

A spokesman says: “The transaction allows Man to benefit from the payment of the total consideration, while retaining certain obligations to the funds.

“The proceeds will increase Man’s regulatory capital surplus and further enhance its net cash position.”