Man Plans U.S. IPO

The push for alternative asset managers seeking to sell shares to mom and pops continues on both sides of the Atlantic.

Hedge fund The Man Group is planning to launch an initial public offering of one of its funds and a brokerage arm on the New York Stock Exchange (NYSE Quote), while Lehman Brothers (LEH Quote) is said to be aiming to take public its private equity across the pond in the U.K.

The IPO initiatives are being announced as more hedge funds and private-equity shops, including Blackstone Group, which is planning its own $4.75 billion offering, consider drawing public funds to help retain talent and as a means of further rewarding founding partners.

Fortress Investment Group (FIG Quote) became the first alternative investment firm to tap the public-equity markets.

According to a filing with the Securities and Exchange Commission, Man Group, the world's largest hedge fund, managing some $61 billion, wants to publicly offer shares in a long/short investment vehicle to be based in Chicago known as Man Dual Absolute Return Fund.

The deal is being led by Morgan Stanley(MS Quote) with a planned offering price of $20 a share sometime this year. Further details, including size of the total offering, are still being worked out.

The U.K. hedge fund is also planning an IPO of its offering brokerage arm, MF Global, which is expected to take place in the third quarter of 2007 on the NYSE, according to a press statement on the company's Web site.

Citigroup(C Quote), J.P. Morgan(JPM Quote), Lehman Brothers, Merrill (MER Quote) and UBS(UBS Quote) will act as joint book-running managers of the offering. Lazard(LAZ Quote) is acting as a financial adviser.

Officials at Man Group could not be reached for comment.

Meanwhile, Lehman is planning to launch a $500 million offering June 6, according to reports on Bloomberg. Shares of Lehman Brothers Private Equity Partners will be listed on Euronext Amsterdam. The offering is being underwritten by ABN Amro(ABN Quote), Lehman and UBS, the report says.

Lehman did not return a call requesting comment.