From the mailbag:
FYI, in the aftermath of the GLG buy, things are not good inside Man Group.
Employees are leaving en masse globally - bonus outlook is grim in light of them having no cash on hand after this recent deal. They're bleeding Bleeding money. Other fund of funds (and hedge funds as well) are picking off Man employees in New York, London and elsewhere (for example, Jaime Castan). Man is in a frantic search for a new product to sell. Hence, the GLG purchase. AHL is suffering and the redemptions continue to mount while the costs for leverage are steep.