Moody's Says Man Downgrade Threat Unaffected By FRM Deal

May 24 2012 | 10:57am ET

Count Moody's Investor Services among those distinctly unimpressed with Man Group's plan to buy fund of hedge funds FRM Holdings.

The ratings agency said this week that it would continue its review of the world's largest publicly-listed hedge fund as it considers downgrading Man's senior debt. Moody's wrote that "the FRM transaction has no immediate implication for Man's rating," since "there is no immediate cash consideration" and because FRM is "relatively small" in the Man scheme of things.

Man said earlier this week that it would buy Hong Kong-based FRM, which has US$8 billion in assets, for up to US$82.8 million in cash, as well as other considerations.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...