Man Group, the London-listed hedge fund firm, is to acquire FRM Holdings in a move to expand its multi-manager business.
FRM is a global hedge fund research and investment specialist with approximately $8 billion (€6.3 billion) of assets.
The deal, which is subject to regulatory approval, is expected to complete before the end of the third quarter and will leave Man and FRM’s combined multi-manager business with around $19 billion in assets under management. Man says this would make it the largest independent non-US based fund of hedge funds.
Man will acquire the entire issued share capital in FRM. It will pay a maximum of $82.8 million over three years subject to certain conditions, such as asset retention, and will not pay any up-front consideration.
The combined business will trade under the FRM brand.
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