Man Strikes Deal For Fund-of-Funds Pine Grove

Jun 9 2014 | 11:24am ET

The Man Group has acquired fund of hedge funds Pine Grove Asset Management, even as it remains in talks to buy quantitative hedge fund Numeric Investors.

London-based Man did not disclose the terms of the deal for Pine Grove, which is expected to close in the third quarter and which will significantly boost Man’s fund of funds business in the U.S. After the transaction closes, Pine Grove President Matthew Stadtmauer will become president of Man’s FM fund of funds business, with chief investment officer Tom Williams continuing to oversee Pine Grove’s portfolios.

“Pine Grove has a long and accomplished track record of outperformance and is an excellent addition to the FRM business,” Man President Luke Ellis said.

Man has sought to diversify its business, long dependent on its struggling flagship AHL strategy, through acquisitions in recent years, including that of FRM. Earlier this year, Man CEO Emmanuel Roman—who joined the firm when it acquired GLG Partners—said Man was on the hunt for acquisition targets in the U.S. Last month, it confirmed that it was in talks to buy Boston-based Numeric, although no deal has yet emerged.

New York- and Summit, N.J.-based Pine Grove has about $1 billion in assets, most of it from U.S. institutional investors.

“We are now at the point in our evolution where the additional infrastructure, resources and support available at FRM will provide significant benefits to existing and future clients,” Stadtmauer said.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.