Man, FRM Marriage Official

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.

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