Hedge fund manager feels like a New Man
Hedge fund manager Man Group is planning to create a new group holding company, Man Strategic Holdings, which it believes will reduce the group's capital base and improve its access to distributable reserves, thus enabling it to continue with its dividend policy.
Hedge fund manager Man Group is planning to create a new group holding company, Man Strategic Holdings, which it believes will reduce the group's capital base and improve its access to distributable reserves, thus enabling it to continue with its dividend policy.
In essence, shareholders will see their shares in "old Man" replaced on a one-for-one basis in the holding company, dubbed "New Man" in the announcement. Man Strategic Holdings will then be renamed Man Group.
Once the scheme becomes effective, the firm is proposing to reduce the share capital of New Man to create distributable reserves in the holding group, a move that is not expected to affect the market value of New Man ordinary shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shareholders are to vote on the new structure on October 17th, with 75% of the vote needed to pass the changes.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Review: Eden Roc Cap Cana – fun, sun and golf in the Caribbean
Travel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
-
Reeves delays cash ISA reform, but savers are not out of the woods yet
The chancellor has reportedly delayed plans to cut the cash ISA limit, which were set to be announced at Mansion House on 15 July, and will take more time to consult with the industry