Tuesday, 24 November 2015
Last updated 34 min ago
Jul 18 2012 | 2:05am ET
The Man Group has closed its acquisition of US$8 billion fund of hedge funds FRM Holdings.
The consummation of the US$142.8 million deal was announced yesterday. It makes Man, already the world's largest hedge fund firm by some measures, the largest fund of hedge funds manager outside of the U.S.
The combined Man-FRM fund of funds business accounts for US$19 billion in assets.
The deal was first announced in May. Man agreed to pay up to US$82.8 million in cash, with up to US$60.8 million to come over the next three years from performance fees.
Man said the acquisition would cause no material change to its cost base and could result in savings of US$45 million per year.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…