UK-based hedge fund Man Group is buying Numeric Holdings, a quantitative equity investment house based in Boston, for $219 million (€161 million) in cash plus up to $275 million payable to Numeric staff after five years.
Man chief executive Manny Roman says the deal will help to expand the firm’s presence in the United States, while enlarging its quantitative fund management offering.
Founded in 1989, Numeric had $14.7 billion of assets under management as of May 31 and invests both long-only and long-short strategies.
With about $55 billion under management, Man describes itself as one of the largest alternative asset managers in the world.
Law firm Milbank, Tweed, Hadley & McCloy represents Man in the deal.
“We are delighted to announce the acquisition of Numeric, which has an excellent track record of performance and innovation in quantitative investing,” says Roman.
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