Man Closes Deal For Numeric

Sep 8 2014 | 8:46am ET

The Man Group has completed its acquisition of quantitative hedge fund Numeric Holdings.

Man struck the deal for the US$14.7 billion firm in June. It could pay up to US$494 million for the Boston-based fund, depending on its performance over the next five years.

“We are delighted to announce the completion of the acquisition of Numeric, which has an impressive track record of performance, a strong U.S. footprint and a talented management team,” Man CEO Emmanuel Roman said. “Numeric is very well-positioned to benefit significantly from our scale and resources and I’m excited by the opportunities this acquisition brings for our investors and shareholders.”

The deal more than doubles the size of Man’s quantitative hedge-fund business, which includes its struggling flagship AHL strategy, to more than US$26 billion.

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