What can you buy for £4.5m nowadays? In the fund management industry, it seems rather a lot. GLG Partners, the London hedge fund, on Friday night completed its acquisition of SG Asset Management UK – a business originally set up by Nicola Horlick, the former Deutsche Morgan Grenfell star manager.

The business, bought from French bank Société Générale, had $8.5bn (£6.1bn) under management at the end of last year, making it one of the cheapest-ever purchases of a fund manager, relative to assets. Henderson is paying £115m for New Star, the crisis-struck manager, which had £49.5bn under management at the end of December.