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To: TFF who started this subject	10/21/2002 1:05:05 PM
From: TFF	of 12617

Man Financial takes giant step into futures By Dan Lalor LONDON (Reuters) - Hedge fund manager Man Group has bought derivatives broker GNI from South Africa-based financial services group Old Mutual to create the world's largest independent futures broker. Man EMG.L , which paid 100 million pounds for GNI, said last week it was in talks about a deal that would diversify its earnings away from its core hedge fund operations. London-based GNI is a leading broker of futures and options, foreign exchange and equity derivative products, with offices in Chicago and Geneva and over 500 staff. "The combination of Man and GNI significantly strengthens our position in a variety of markets, most notably listed interest rate derivatives," Man Financial managing director Kevin Davis said in a statement. Man said it expected annual cost savings of at least eight million pounds. Earlier this year, Man acquired the Swiss fund of hedge funds manager RMF Investment Group for $833 million in cash and stock. Old MutualOMLJ.J is selling GNI as it focuses on its core insurance operations and expands in fund management. "GNI has been a successful business within Old Mutual since its acquisition in 2000, but our strong focus in the UK is on the wealth and investment management market," Old Mutual said. Talks on a sale of its corporate and institutional stockbroking business, Old Mutual Securities, to broker Beeson Gregory broke off in April when Beeson received a takeover approach of its own. Old Mutual Securities is still up for sale. Man shares closed at 946 pence last Friday, valuing the business at 2.9 billion pounds. Old Mutual ended at 82 pence to be worth 3.1 billion pounds. Smallcap round-up: Lineker heads bid for Leicester Funds round-up: Gartmore's Willing likes BSkyB and Dixons Additional Articles

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