Tuesday, 3 March 2015
Last updated 26 min ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…