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M.Stanley placing 12 mln Man Group shares - traders

Wed Jun 24, 2009 7:59am EDT

Stocks

   

LONDON, June 24 (Reuters) - Morgan Stanley is placing 12 million shares in Man Group (EMG.L) in a range of 267-272 pence, traders said on Wednesday.

Shares in Man Group, the world's largest listed hedge fund manager, were down 3.5 percent at 1157 GMT.

The placing comes in the wake of a strong performance from Man Group shares, up nearly 15 percent so far in June on speculation the firm could sell its stake in MF Global (MF.N).

On June 16, Man Group CEO Peter Clarke told Reuters, at the GAIM hedge fund industry conference in Monaco, that the firm could sell its stake in MF Global in the short to medium term. (Reporting by Jon Hopkins and Blaise Robinson)



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