Lunchtime Links: Redundancies at Man/GLG? And is this the shape of pay restrictions to come?
Man Group is acquiring GLG, thereby reducing its dependence on Man Diversified whilst making the three GLG founders Noam Gottesman, Pierre Lagrange and Emmanuel Roman, very rich - as long as Man's share price doesn't completely tank. According to
Citywire, the three founders have been locked in for three years and given a 10% stake in Man Group, usually worth 3.6bn.
But while Noam, Pierre and Emmanuel may do well from the deal, others may not. The Telegraph points out that Man plans to make $50m of cost savings, and the accompanying press release from Man Group makes what are possibly ominous references to 'the integration of sales, structuring and operations between the firms.' Man didn't return a call enquiring whether this was a euphemism for redundancies.
Separately, it's worth noting how pay's being reformed in the civil service. Henceforth, pay for the heads of particular operations can be no more than twenty times the amount paid to the lowest earning employees in that area. John Lewis has something similar. If the same were applied to banks, there may be some very well paid cleaners.
It's a myth to think you can earn more in Switzerland. (Financial Times)
Goldman has poached Richard Gostling, a senior European tech and business banker, from UBS. (Financial News)
Barclays has expanded Asian prime services team by 65%, hiring 12 people in London. (Businessweek)
Prudential is going ahead with its very large rights issue. (BBC)
There were no rights issues at all on the LSE in the first three months of this year. (FT)
Who is Arpad Busson? (The Times)
The European hedge fund law is being steered through by the mayor of a small town in northern France. (FT)
A US hedge fund is setting up in London anyway. (Businessweek)
Myners calls for a last push on hedge fund regulation. (Telegraph)
Does anyone fancy giving Lord Myners a job? (The Times)
Vince Cable told Gordon Brown repeatedly that he did not want to go into coalition with the Conservatives. (The Times)
Prediction: Clegg and Cameron will announce they are gay lovers later in the year. (Fintag)
